A key focus of the task force will be helping to improve the general understanding of the role financial advice plays in improving insurance outcomes for consumers and the importance of offering them choice in how they pay for that advice, the AFA said in a statement.
The task force will be made up of two senior representatives of the AFA, two senior representatives of the FPA and four advisers – two from each association.
It will also report back to advisers with a common view on what will be required of them after ASIC’s 2021 review of the industry.
AFA chief executive Philip Kewin said the task force has been set up in order to have a combined association approach to the future of life insurance and the ultimate objective is to arrive at a life insurance industry that delivers the best possible outcomes for consumers.
“We believe it is very important to have a united and consistent message from the advice community about the future of life insurance, that we can share with government and the regulators,” Mr Kewin said.
“This will also allow us to work collaboratively as a community with government, towards the shared goal of great outcomes for consumers.
“The aim is to create greater understanding of financial advice, the role of advisers and how life insurance commissions offer consumers an affordable way to access life insurance advice.”
FPA chief executive Dante De Gori said, “The FPA and AFA collectively represent many, many thousands of financial planning professionals, who in turn serve millions of Australians who care about life insurance. So, as a united taskforce we can make an impact for well-considered, positive change much more effectively.”
Tell the pollies your associations are merging with the ISN and I bet they will listen to you then…!
[quote=not FPA]Where were the FPA during Trowbridge whilst the AFA put its neck on the line? The FPA will roll over and have its tummy tickled by all the bleeding hearts out there like it always does.
God forbid AFA and FPA ever merge, what a disaster![/quote][quote=not FPA]Where were the FPA during Trowbridge whilst the AFA put its neck on the line? The FPA will roll over and have its tummy tickled by all the bleeding hearts out there like it always does.
God forbid AFA and FPA ever merge, what a disaster![/quote]
Lest I be seen to support FPA, your comment needs clarification. When Trowbridge was announced, the FPA ( in a rare moment of unity) apparently told the AFA that Trowbridge was a “set up” – the FSC fix was in, and FPA warned AFA not to participate. Sadly( and we have paid dearly for this mistake) the various large egos then at the AFA, together with others who were just plain clueless on risk, still wanted to BIGNOTE themselves! Frydenberg later belted the AFA with that message when the AFA sought a later meeting. So, once upon a time, there was a facsimile of unity
At least uncle Pete from the AIOFP has gotten off his arse and tried to do something. The other pair are soft.
Where were the FPA during Trowbridge whilst the AFA put its neck on the line? The FPA will roll over and have its tummy tickled by all the bleeding hearts out there like it always does.
God forbid AFA and FPA ever merge, what a disaster!
Mr Hayne says the FPA wants life risk commissions abolished. So why the farce?. But, as there must be at least one meeting, lets spell it out. Anything less than 88/22, AND A ONE YEAR CLAWBACK, is unacceptable to risk specialists.
Too little too late from over-bloated ‘member’ organisations that pay their executives hundreds of thousands of dollars and have achieved absolutely nothing in the last 10 years! Time to clean the slate and start again.
Thanks guys.
Next request – please become one entity.
Here’s hoping they advocate positively for the profession, and not bend over like they have time and time again
Hopefully this is a first step toward an amalgamation of the two organisations. Let’s face it, we need synergy and cooperation even more than before.