The AIOFP has expanded the reach of its campaign to topple the proposed Life Insurance Framework reforms, warning that Assistant Treasurer Josh Frydenberg has no choice but to be guided by the proposals' recommendations.
The campaign, launched last month, is known as the 'Battle of Fairness' and AIOFP executive director Peter Johnston has called on advisers from the AIOFP, FPA and AFA to get involved via a three stage "offensive".
"The minister's office recently confirmed that the FRC, AFA and FPA risk framework proposal will need Cabinet approval before any further market announcements are made," Mr Johnston said in a letter to members.
"This opens up some further opportunities to push for change."
The AIOFP has urged advisers to inform politicians of any opposition to the risk proposals to highlight the potential disadvantages for consumers via this link.
The association has also asked advisers to advise consumers of "the dangers to their family's wellbeing".
"This is an ongoing process with articles appearing in the mainstream press recently and possibly talkback radio in the near future," Mr Johnston said.
Finally, Mr Johnston has urged members of the FPA and AFA to voice their opposition to the proposal by emailing the relevant chief executives.
"It is time for all advisers to now act as one political force. We will keep you informed of progress," Mr Johnston said.
The big four bank has estimated it will be paying around $8 million to around 8,...
FASEA has conceded that its code of ethics is difficult for compliance managers ...
The majority of claims made under retail life insurance policies are now able to...