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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 09:42Only 12% of advice practices have exit plansBy Adrian Flores
- 09:42CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- 09:42Freedom halts selling of life insuranceBy Adrian Flores
- 7 Dec 2018New ASIC deputy chair announcedBy Adrian Flores
- 7 Dec 2018Growth companies fund added to Macquarie WrapBy Adrian Flores
- 7 Dec 2018ASIC makes unique AFSL decision on foreign adviserBy Adrian Flores
- view all