The Association of Independently Owned Financial Professionals (AIOFP) has called on advisers to petition the Government regarding the Financial Adviser Standards and Ethics Authority’s (FASEA’s) reforms by utilising support from clients.
The suggested petition template provided by the organisation read: “I support my FINANCIAL ADVISER [name] … and appreciate the work and advice I have received. I do not agree with the actions and direction of FASEA and it will influence my voting decision at the next election.”
AIOFP hoped to get 100 clients from 10,000 advisers to sign the petition, as it said that “1,000,000 signatures … is an excellent start to get attention from politicians”.
“It is time for all advisers to reunite and use our collective numbers and political clout to seek change to our professions greatest ever threat. Over the next six to nine months there is a political window of opportunity with a federal election looming, a struggling Turnbull Government and a damaged FASEA brand to challenge,” AIOFP executive director, Peter Johnston, wrote in an email sent out to advisers urging their help with the petition.
“Numbers are our greatest asset and we need ALL to get involved to give the best chance of success. We have potentially 25,000 advisers, 50,000 support staff and 5 million clients, a significant mass of political capital if it can be harnessed and coordinated into effective action and this starts with you,” the email also said.
In a paper sent to advisers in the same email, the organisation outlined some key questions that it believed FASEA must answer, pledging that “these matters will be pursued through the Courts if necessary”.
The questions it said needed to be answered by the FASEA board and Government were:
- How can single women with dependent children comply with these proposed conditions?
- How can people who even have a full-time working partner comply with these proposed conditions when responsible for a dependent child’s supervision when working part time?
- Where else in any other western civilisation are past completed relevant qualifications and experience not recognised for any occupation? and
- Why does the FASEA’s ethos contradict basic human rights and the nation’s best interests?