Asteron creates FOFA 'lobby pack' for advisers
Life insurance provider Asteron has created a Future of Financial Advice (FOFA) ‘lobby pack’, which teaches the company’s adviser network how to lobby their members of parliament on some of the key FOFA issues.
The lobby pack, which was intended for more than 5,000 Asteron-owned and independent advisers, includes a discussion points document and two educational hand-outs to leave behind with the MP.
The educational handouts mostly focus on the importance of advice and Australia’s underinsurance problem, which Asteron claimed would become worse as a result of FOFA.
Asteron’s executive manager for national sales, Mark Vilo, said the pack encouraged advisers to speak out about FOFA implications on their businesses.
Vilo added the pack included Asteron’s views about some of the proposals, including the controversial opt-in proposal and the banning of risk commissions within super, both of which the insurer publically opposed.
“We translated the information coming out of the FOFA pack and said: ‘Here are the views of the marketplace, and here are our views’. This really helps advisers start a discussion with their MP and get their point across,” Vilo said.
“The two handouts are designed to show and explain to the MPs that the actual process the adviser goes through when giving advice is not just transactional,” he added.
The introduction letter to the lobby pack was sent out to more than 5,000 advisers a week and a half ago, according to Vilo, with the company receiving over 100 requests for the pack to be sent out to them.
Asteron’s lobby pack also refers advisers to the Association of Financial Advisers political pack, which contains instructions on how to identify and reach a local member.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
