The LICG – the lobby group of risk specialists that was at the centre of the AFA’s internal conflict in 2016 – has turned its attention to Mr Bernardi’s recently-launched Australian Conservatives party, in what it hopes is a last beacon of hope for repeal of LIF.
Peter Corrie, a senior LICG figure who runs a self-licensed risk advice practice in Sydney’s Palm Beach, has joined the growing right-wing party, which was formed in early 2017 following Senator Bernardi’s defection from the Liberal Party.
He is calling on other advisers who oppose the government’s LIF reforms – which were publicly supported by the FSC, AFA and FPA – to join as rank and file members and help lobby the senator from within the party to put LIF reform on its policy agenda.
“It is estimated that up to 6,000 financial advisers/life insurance brokers from 2014 to 2021 will either exit or be sent to the wall as a result of the [LIF] regulations,” Mr Corrie wrote in an email to LICG members and other stakeholders, seen by ifa.
“But do not despair, it is not over yet. Join the Australian Conservative party and have your voice as the other political parties are heading in the left direction, so they do not support business as they should, especially small business.”
Mr Corrie anticipated that the party will receive a surge in membership in coming months and that it will be well-placed to push for reform of LIF.
The Australian Conservatives party website lists lower and simpler taxes, introduction of tougher immigration laws, ending parliamentary benefits and opposition to same-sex marriage as among its stated policies.
The membership drive follows the LICG’s approach to the NSW Chamber of Commerce for support of LIF repeal.
The FSC members i.e. the insurers expect advisers just to suck it up whilst they reap the profits. Once their new business dries up they will have no hesitation in overturning the LIF. But between that time and now it is advisers and customers that will suffer not the fat cats of the FSC.
Lets never forget that the dodgy FSC knew that lapse/churn was not an issue to the majority and chose to keep quiet on this until after the LIF was passed.
Lets not forget that ASIC admitted this after the LIF was passed and the dodgy FSC provided the information.
Lets not forget that ASIC refuse to release how they came up with Rep 413 now because they won’t admit it was flawed, targeted and inaccurate.
Lets not forget that the FPA and AFA sided with the FSC for funding and compulsory membership.
So no we must never give up the fight for our livelihoods and the FSC and ASIC need to be constantly harassed until they admit their corruption in this.
For those saying “give up” Why would you give up so easy on your livelihood? Why would you not stand up for fairness? Why would you not stand up to collusion?
That attitude is what let us get into this place from the start..!
43 years in the business, starting out as a collector agent and if you (Anonymous) telling us to move on, I think you just keep doing what you are doing. Because I will keep fighting for what I believe in. These politicians are not fit to govern when they themselves have broken the laws to be elected and have done deals with Labor to protect the Industry Super Funds managed by their mates. Is it a crime to get paid commissions? Come on and support this fight to win back our rights.
here here
You keep fighting for what you believe in and I will be providing advice to all your clients
2 ways to look at LIF… See it as an opportunity to re-calibrate your business and provide great advice to more clients, or see it as a threat and go down fighting while the smart businesses evolve. I think its time to move on peps!
‘Dissidents’ is an interesting choice of words. Google ‘Mao & dissident’ and the headline refers to the current Chinese regime crackdown on dissidents echoing Mao’s repression. Google ‘Stalin & dissident’ and learn all about political repression in the old Soviet Union. Governments regulating is not new. Governments knowing what’s best, is a provable falsehood. Keep up the fight I say.
To mis quote the great HJ Simpson “I don’t like their anti SSM policy….but I do like their pro upfront commissions policy”…. I thought this group already hit rock bottom…. turns out I was wrong….
No, you were right!
Come on guys, it’s time to move on. I hate the LIF as much as the rest of you. It was a complete sham and it is a disgrace that the ACCC and ASIC allowed it to happen. But surely by now you have worked out level commissions are better. The vast majority of clients will hold their policies for 10 years plus if you provide good advice and over that timeframe you will double your income. It requires longer term thinking and an initial sacrifice, but isn’t that what financial planning is all about?
BS does it double your income. Do your maths.
Yeah – you’re forgetting we can churn them annually to make WAY more money!
Rubbish, do your maths and add in even a 5% natural lapse rate. And also note that insurers are now starting to reduce level commission rates. You are exactly the type of sheep the FSC rely on to screw us all over.
already joined.
I made a similar comment months ago and got shot down, but I will restate it.
Move on, you lost , it’s not going to get overturned. Yes it’s not great but focus on your business structure, process and model. If not you will die a quick death while others adapt and flourish.
So you mean just roll over and die?