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.


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 | Download my business card

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