The decision by the AIOFP Board to seek the pinnacle of legal advice around the recent 99FA Legislation has produced a watershed moment for not only the Financial Services industry but all legislation that attempts to pass both Houses of Parliament in Canberra.
Mr Bernard F Quinn KC, a Melbourne based Kings Counsel from the Victorian Bar has unintentionally demonstrated the need to protect both Consumers and Industry from flawed or politically motivated legislation by seeking an independent legal opinion outside of the Canberra environment and before both Houses of Parliament are exposed to the detail.
Mr Quinn’s dissection of 99FA and subsequent conclusions has clearly demonstrated the Legislation is fundamentally flawed and should be immediately dealt with. Mr Quinn’s views also highlight the considerable difference that exists between legal competency/understanding in Canberra and those who are outside of this ‘Canberra bubble’.
Below is the link to Mr Quinn’s legal opinion, AIOFP Technical Chair Lionel Rodrigues interpretation and further commentary for your consideration. Please feel free to pass this document onto clients, local Politicians or any other interested party.
Australia’s democratic process can be vastly improved for the greater benefit of Consumers and society in general if the Canberra Bureaucrats legislative influence can be challenged, curtailed and held to account.
https://www.aiofp.net.au/2024/08/12/section-99fa-the-facts-and-flaws/
Regards.
Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 1211, 1 Queens Road, Melbourne VIC 3004
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card
This message is presented as a service to our community. Knowledgemaster International (KMI) or its owners and employees are not a member of any group associated with the “sale of advice” profession, any regulatory bodies, product manufacturers or hold or supply any consultancies to any government instrumentalities or lobby groups. Any actions or inactions taken as a result of reading this message are the sole responsibility of the reader.