Major lobbying objectives of the AIOFP if there is a change of Government.

The CEO of the AIOFP, Peter Johnston reports

AIOFP members have been enquiring into what are our major lobbying objectives if there is a change of Government at the upcoming election and the ALP Governs in the lower house without the need for Independents.

This question is particularly important as we have current Shadow Stephen Jones attending our DARWIN June 6 – 10th conference where he has agreed to a meeting with our Board to discuss the industry’s immediate needs if he becomes Minister.

We have prioritized the mental health of Advisers and financial health of Consumers as the key issues to be simultaneously addressed within the first 60 days. The 60 – day period is critical to the survival of thousands of Risk Advisers who are facing a ‘do or die’ battle with the last sitting of the FASEA Exam. This period is also critical to mitigate the current compliance regime that has driven up the cost of Advice delivery to consumers.

We will be suggesting the following –

  • The Exam format is changed to include questions specific to the Advisers field of expertise [risk, SMSF, Stock broking, Investment] and eliminate the ambiguous ethical slant to the content. The September deadline will more than likely need to be extended; the Minister has discretion to implement such changes.
  • We believe it is widely known what the unnecessary compliance items are and the December ‘LEVY Review’ is not necessary to solve this aspect. A panel comprising ASIC, AFCA and industry experts could remedy the duplication problem in a short space of time. The recent KPMG report is a great start.
  • The industry wide mental health problem needs to be professionally addressed, we will be seeking some Government funding to assist this process where suicides, broken families and businesses are commonplace.

We believe solving these 3 initial issues within the first 60 days of an ALP Government will be a stupendous start to the end of a very dark period in financial services history.


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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