AIOFP laments NEOS action freezing InterPrac advisers

Mike Taylor

Managing Editor and Publisher

16 April 2026

Life insurance business NEOS Protection has earned the ire of the Association of Independently Owned Financial Professionals (AIOFP) after announcing it will cease accepting new applications from InterPrac advisers.

AIOFP executive director, Peter Johnston has shared with members of his organisation news of the NEOS Protection decision claiming it represents “another attack on Advisers”.

He said that an affected InterPrac adviser who deals with the risk market had no involvement with the First Guardian and Shield collapses was being punished purely for being a InterPrac licensed adviser.

“This nonsense must end, the only way to do it is to push back and expose any bullying behaviour,” Johnston said.

His comments related a message from NEOS Adviser Services which told advisers that “NEOS and our insurer partners have made the decision to cease accepting new business from InterPrac advisers and any Corporate Authorised Representatives (CARs) operating under its AFS Licence for the products on the NEOS Platform; NEOS Protection, Encompass Protection and Futura Protection (‘the Products’)”

“As a CAR of InterPrac, you are an impacted adviser,” the message said.

“This is not a decision we have taken lightly. We value the relationships we have built with advisers and practices over time and recognise the impact this may have. However, in the current circumstances, we believe this is the appropriate course of action,” the NEOS message said.

“We will reassess this decision upon the conclusion of the civil penalty proceedings commenced by the Australian Securities and Investments Commission (ASIC) against InterPrac.”

Explaining how advisers would be impacted, the message stated that:

“From 17 April 2026, NEOS will not be accepting any new applications for the Products for any new clients from any impacted adviser.

Please note:

• All applications currently being processed, all existing clients, and all policies currently held on the NEOS Platform remain unaffected at this time.
• You will no longer be able to view and manage policies for your existing clients using your adviser log-in (‘a’ code) from the NEOS Platform home page.
• These policies will still be visible at the practice code level (‘p’ code) for inforce management.