AFA pushes ahead with lobby group
The Association of Financial Advisers is pushing ahead with a lobby group aimed at taking its members’ views on proposed regulatory reforms to the advice industry to Canberra — regardless of which party is in power.
The AFA has created a ‘Future of Financial Advice’ working group it said would “investigate the impact of proposed reforms on the financial advice industry and to take those findings to Canberra”.
AFA chief Richard Klipin said his association remained committed to engaging with both Government and Treasury about the industry, “regardless of which political party is ultimately in power”.
Pierre Kraft, managing director of AON Advice and Peter Daly, managing director of Australian Financial Services (AFS) have been appointed co-chairs of the working group, which has representatives from dealer groups Millennium3 and Professional Investment Services as well as CommInsure and other industry consultants.
“There is a lot at stake with these proposed reforms and it’s critical that Treasury understand the nuances of the market place,” Daly said.
Klipin said five sub-committees had been formed to develop policy positions around remuneration, fiduciary duty, intra fund advice, volume-related payments and insurance.
Klipin said it was his association’s “role to discuss with the industry issues that affect how our members operate in the future and deliver our collective view to Canberra”.
“We believe the working group will lead the way in informing the Government on the real impact of reform on consumers, advisers, the financial advice industry and on Australia as a whole.”
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
