Financial planning groups are set to maintain their strong lobbying of key independents and other Members of Parliament right up until the Assistant Treasurer and Minister for Financial Services, Bill Shorten, releases the first draft of the Government’s Future of Financial Advice (FOFA) legislation in early August.
Association of Financial Advisers (AFA) chief executive Richard Klipin (pictured) has confirmed to Money Management that there will be no diminution in lobbying efforts on the part of members of his organisation, and Financial Planning Association (FPA) members are understood to have been similarly active.
Money Management understands that while NSW-based independent Rob Oakshott has indicated he has issues with a number of the Government’s FOFA proposals, Tasmanian-based independent Andrew Wilkie is also closely examining the implications of the Government’s approach.
The actions of the Industry Super Network (ISN) in advertising around issues associated with the Government’s FOFA changes appear to have created a united front in planning industry, with both the FPA and the AFA openly critical of the ISN’s campaign and questioning its underlying motivations.
FPA chief executive Mark Rantall late last week accused the ISN of pursuing a politically motivated campaign aimed at shutting down competition to industry superannuation funds.
