We will represent you, AIOFP says to ‘independents’
Claiming 'misrepresentation' of advisers by industry bodies the AFA and FPA during the insurance reform process, the AIOFP is calling on all "independents" to join its ranks to ensure they are properly represented in the future.
In an email to members, AIOFP executive director Peter Johnston said – in light of the Senate Economics Committee tabling its report on the Life Insurance Framework – advisers have been made to appear as though their views were represented by the AFA and FPA, but stated they were actually ignored.
"Sections [of the report] clearly demonstrate that the minister and the Senate committee relied upon the views of the FSC, FPA, AFA as representing the entire industry. As we all know the FPA and AFA totally ignored the views of their adviser members and sided with the institutional and FSC reform agenda," Mr Johnston said.
"The FSI (headed by a banker), the Trowbridge Report (backed and funded by the FSC and AFA), ASIC's flawed inquiry and the LIF industry report to the Minister (backed by the AFA, FPA and FSC) should be sufficient evidence that we need to get all the independents behind the AIOFP to ensure this never happens again.
"Independent advisers who are merely making up the numbers in an institutionally aligned association are not only funding opposition against them, but giving that entity credibility with politicians and consumer groups that they represent the entire industry," he said.
However, AFA national president Deborah Kent has previously stressed – prior to the final form of the LIF being released – that the association did the best it could during the process to stave off a worse outcome for advisers.
AFA chief executive Brad Fox has also previously expressed his disappointment that the association could not get a better deal for advisers.
The FPA also voiced similar sentiment to the AFA, having previously stated that the association fought to ensure advisers were not left short in the final outcome of the reforms.
ASIC relieves AFSLs from compliance scheme
The corporate regulator has assured advice licensees that they won’t be breach...
MLC sees silver lining in Hayne recommendations
The wealth giant has acknowledged the significant challenges facing the financia...
FASEA standard blasted as ‘reckless’, ‘ill-considered’
A change from the Financial Adviser Standards and Ethics Authority to its code o...