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AIOFP’s Johnston’s blunt open letter to Minister Hume

Mike Taylor2 February 2022
Oil dripping from a pen tip

The Association of Independently Owned Financial Professionals (AIOFP) executive director, Peter Johnston has sent an open letter to his members and to the Minister for Superannuation Financial Services and the Digital Economy, Senator Jane Hume, condemning her and the Government.

In the open letter, passed on to Financial Newswire, he takes Hume to task for making negative comments “in mixed company about myself and the AIOFP” and adds, “we find this most disappointing and inappropriate for a person in your position”.

Elsewhere in the open letter Johnston states the AIOFP had been critical of the Federal Government’s performance for the very good reason that it [the Government] was either “vicious or incompetent.”

The letter goes on in the following terms:

“Allow me to remind you of the following facts –

  1. It is your Government that has implemented the most draconian legislation in living memory to the LIFE ASSURANCE and FINANCIAL ADVICE COMMUNITY that has caused widespread misery/mental health problems, lifetime savings losses, family breakups and over 20 suicides.
  2. Although you have tried to defer the LIF Legislation review until after the election, this is another unmitigated disaster on your watch with the nation’s underinsurance position escalating to over $2 trillion and consumer premiums significantly increasing when the opposite was meant to occur.
  3. Furthermore, the cost of Advice for consumers has at least tripled over the past 6 years when it was meant to be reduced.
  4. Unfortunately your Governments agenda to ‘kill advisers’ and remove them from the consumer relationship has been the only successful strategy you have put in place in our industry – and that is yet another disaster for consumers and the Adviser victims involved.
  5. Just for the record, it was us that declined your request to speak at our HOBART Conference last April, NOT the other way round. Your senior Adviser tried to ‘entice us’ to not implement our marginal seat strategy with the ‘reward’ of you speaking at the event – we declined and have never invited you to any other function since – please get the facts right.
  6. You are the one trying to go against Comm Haynes recommendations around CSLR to favor your supporters and NOT act in the best interests of Consumers – do we need to remind you that acting in the best interests of consumers should be your priority?

“We are not ‘renegades/Mavericks’ we have been severely critical of your Governments performance for very good reason, it is either vicious or incompetent.”

“Unlike other sycophant organizations, we will continue to always call it out and act in our members and consumers best interests without fear or favor.”

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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