AFA forms life insurance sub-committee
The Association of Financial Advisers (AFA) has formed two sub-committees in the areas of life insurance and professional standards to assist the association with policy and political positions on these issues.
The Quality Life Insurance Committee and a professional standards committee were simultaneously launched less than a month ago to assist the AFA's policy and professionalism teams on any issues that need to be addressed.
The sub-committees would consist of 10 people each, including a chair, deputy chair, secretary, and seven other members. The members would be those who had a background, experience, and interest in life insurance and professional standards, and would be approved by the AFA Board, under the leadership of new national president, Marc Bineham.
AFA treasurer and former national president, Deborah Kent, told a media briefing at the AFA 2016 National Adviser Conference that the formation of the sub-committee was conceived less than six months ago and was aimed at engaging the advice industry and listening to the concerns of members.
"We will get the best, most diversified advisers from our membership to be on that and they will be able to continue that discussion and report back to the board with that discussion," Kent said.
The sub-committees would have the ability to review submissions, provide feedback, and make recommendations but the board would use its discretion on how it would apply that information.
"We are getting a lot of feedback from members around our submissions. Some of our submissions now actually quote some of the quotes from our members," Kent said.
"We just want to make sure that they understand that we are actually hearing what they want when we're putting in the submission."
The nomination process for the sub-committee members was currently underway.
AUTHOR
Malavika Santhebennur
Recommended for you
Financial advisers will have to pay around $10.4 million of the impending $47.3 million CSLR special levy but Treasury has expanded the remit to also include super fund trustees and other retail-facing sub-sectors.
Recommendations by the FSC around implementing a practicing certificate framework for advisers would be burdensome and add little value for AFSLs, according to SIAA.
The RBA has made its latest interest rate decision at the the final monetary policy meeting of 2025.
AZ NGA has acquired Sydney-based advice and wealth management firm Financial Decisions, allowing its CEO to step back and focus on providing advice.
