The CEO of the AIOFP, Peter Johnston, reports on the Connexus lunch with Shadow ministers Hume and Taylor.

Hi, after Mondays Conexus Lunch with Shadows Hume/Taylor and related issues, some things need to be clarified.

  • It was clear Angus Taylor knows very little about our plight over the past 9 years and ‘wants everyone to move on…’, a difficult ask considering the circumstances. Jane Hume was subtlety trying to blame Frydenberg which is probably a fair thing, Hume and Kelly O’Dywer were the ‘foot soldiers’ under Commander Frydenberg’s direction. Needless to say he got exactly what he deserved.
  • It became very obvious they were wanting protection from any difficult questions with MC Aleks Vickovich being very selective on who participated in the Q&A.
  • We went first asking for an apology which was met with ‘we will run that past the new Shadow’ when they appoint him/her. We pointed out that unless the Liberals understand the damage they have caused with LIF/FASEA/Compliance they will not learn from their mistakes and may try similar things when back into power, we think they listened.
  • An Adviser raised the issue of Grandfathered revenue in the context of the Institutions keeping it and not handing it back to the consumer clients. A very fair question, we will be seeking an answer from ASIC on what actually happened to ALL of the revenue and demand evidence.
  • The Education pathway/10 year rule looks like being put up later in the year. Considering the ALP National Executive approved it pre – election in 2021, Liberals agreed to it and the cross benchers seem content, it should get done promptly. [fingers crossed]
  • I do recall one of Minister Jones Advisers saying ‘the deal is done no need to rush it through….’, I did respond saying Advisers want peace of mind it will be done and that can only happen when it gets through the Senate unscathed!

Will keep you posted.

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

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