The AIOFP has launched a fund akin to the Police Association to protect members from a regulator that “shoots first and asks questions later”.
At a meeting held in Sydney recently, the AIOFP membership approved a number of new measures aimed at expanding the non-aligned group’s presence as demand for independent financial planning escalates.
The association has launched a member protection fund (MPF), which executive director Peter Johnston said will operate similarly to the protection fund adopted by members of the Police Association.
“With the expected enhancement of ASIC’s powers, the innocent need legal, commercial and political protection from overzealous regulators who can ‘shoot and ask questions later’,” Mr Johnston said.
“The MPF has been designed along the same lines as the Police Association fund that protects the innocent and sends a clear message that if you take on one unfairly you take us all on.”
The AIOFP – which has traditionally been a lobby group for the owners of independently-owned AFSLs – has also voted to expand to include practising adviser memberships.
“We have had a strong demand for individual advisers to access our unique member services which up until now [were] only available if their licensee was a member,” Mr Johnston said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Oct 2017Parliamentary insurance group formedBy Staff Reporter
- 20 Oct 2017Treasurer introduces BEAR legislationBy Aleks Vickovich
- 20 Oct 2017Westpac to refund $65m to customersBy Annie Kane
- 20 Oct 2017Survey tips independent takeoverBy Aleks Vickovich and Jessica Yun
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- view all