The Financial Services Council has softened its rhetoric on the issue in recent weeks, after backing down on its original proposal to self-regulate.
Discussing the minutes of a recent AFA board meeting, AFA president Michael Nowak told ifa that it was important to get an outcome “everybody is happy with” – especially given the time pressures and changes advisers have had to cope with under the Future of Financial Advice reforms.
“I think it’s sub-optimal to have a discussion that is to-ing and fro-ing in the media on this. Ideally we should be able to all sit down and talk and come up with a resolution,” said Mr Nowak.
But first, there must be some evidence produced to show there is a problem, he said.
“If things do need to change, then let’s have a discussion about it, but before we can do anything we need to see that there are issues,” he said.
Advisers were justifiably upset when the issue was initially portrayed as a ‘churn’ issue, Mr Nowak, added.
