AIOFP claims vindication of anti-Liberal political partisanship
The Association of Independently Owned Financial Professionals (AIOFP) has claimed vindication of its decision to take the “politically calculated decision” to support a change of Government at the last Federal Election.
In a report issued to members, the AIOFP chief executive, Peter Johnston said that the associations representing the financial planning profession had been “forced in recent times to make a decision on whether to support the Liberal direction, remain neutral or stand up for Advisers”.
“The AIOFP Board made a politically calculated decision after the 2019 Federal Coalition election win on its future direction. Doing nothing was never an option but history was against the Coalition winning a fourth term,” the AIOFP said.
“Showing no propensity to amend their attack on Advisers after the 2019 win, the AIOFP decided to back the ALP both politically and financially resulting with a strong relationship with a Government who should be in power for at least 2 terms. This outcome sets the foundations for a politically amenable relationship going forward for our members and the industry in general with Government for at least 6 years, maybe 9.”
Among the AIOFP’s political achievements outlined by Johnston was dealing with politicians around the changes to the Financial Adviser Standards and Ethics Authority (FASEA) regime, including degree requirements, and campaigning against the former Treasurer, Josh Frydenberg.
“We also assisted with the removal of former Treasurer Frydenberg from the seat of Kooyong by encouraging the 250 Advisers and their clients to put Frydenberg last on the ballot paper,” he said.
“The decision by the Liberal Party to cull Advisers over the past 8 years has changed the political operational landscape for Associations. In the past all Associations were careful to remain politically bipartisan to maintain access to political parties going forward. The Liberals changed this paradigm with its unflinching attitude towards Advisers. This position has resulted in increased compliance and regulatory costs that Advisers have no choice but to pass back to consumers,” his message said.
Outlining the AIOFP’s political objectives for 2023, Johnston said the immediate issue was to settle the Quality of Advice Review (QAR) and that while the organisation supported some aspects of outlined by the review chair, Michell Levy, it did not support diluting the Best Interests duty or allowing institutions back into advice.
“We will also continue to lobby for the FASEA Exam to be restructured and an amnesty period to immediately allow Advisers to re – enter the industry who either failed the exam or chose not to sit for it,” he said.
Great work AIOFP.
Now please try to get rid of Ms Press from ASIC.
And maybe we can ask Canberra to take their foot of Advisers necks and allow us to breathe.
But no we start the year with more ASIC induced TPB madness.
More Compliance Costs,
More CPD complexity,
More Education cost and time,
More Red Tape rubbish.
Welcome to 2023, same Government crap, New Year.
So in summary Peter feels he’s got a good relationship….. Well Nothing has changed, still can’t enter in a fee arrangement on Monday because it’s due on Tuesday, and we’ve got QAR coming up soon. You’re counting those chickens before they’ve hatched. Hope you don’t end up with Egg on your face. The real criminals are ASIC they’re the ones that need to be targeted.
Not so, the real criminals are the politicians. It is their job to control government bureaucracies like ASIC.
What a load of rubbish, you can enter into and renew / re-enter into an ongoing fee arrangement any time, before it’s due.
And AIOFP did a wonderful & successful job helping get rid of Frydenberg & LNP.
Whilst most Advisers have not previously liked Labor, a lot of Advisers grew to hate Frydenberg & LNP.
The major failing of the FPA has been their fawning relationship with the government and their bureaucracies.
The executive of the FPA seem more inclined to have pleasant morning teas with ASIC et al rather than stand up and represent financial planners.
Everyone knows, the only way politicians will act is when there is negative publicity towards them. Trying to be their friend doesn’t work; publicly holding them to account does.
The biggest mystery of all is why anybody is a member of the FPA; your membership gives credibility to an organisation which doesn’t properly represent you.