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RC hears of ClearView’s ‘random incentive days’
Sales agents within ClearView Direct were the subject of “random incentive days” and were encouraged with trips to Queenstown, New Zealand, according to evidence given to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry today.
The Royal Commission was told of the “random incentive days” within which it was promised it would “rain gift cards” as they chased their premium targets.
The Royal Commission was also told of an exercise within ClearView Direct in 2016 where documents referred to an exercise intended to be an “Injection to stimulate a revive a vibrant pulse”.
Within that exercise the Royal Commission was told that the top echelons of sales agents would be eligible for a special deal travel package to Queenstown including travel, accommodation and entertainment.
Asked his views on such arrangements, ClearView’s chief actuary and risk officer, Gregory Martin said he believed they were inappropriate.
He said that the documents referenced by the Royal Commission had given ClearView cause for concern about the culture which had developed within ClearView Direct and its ultimate decision to shut the business down.
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