The CEO of the AIOFP, Peter Johnston, reports on “They are at it again”.

Hi, some members at our recent Conference asked why the AIOFP was not involved with the JAWG [Joint Association Working Group], a good question which we will respond to.

Firstly, we were not invited to join due to politics and we would not have accepted the invitation anyway.

Why? It looks very much like two struggling for credibility advice orientated Associations [now merged] were surrounding themselves with numerous non – Advice Associations to try and influence policy outcomes and look relevant.

Our major objections are –

• These two merged Associations [are operating in concert with an institutionally funded one yet again] are supporting QAR Recommendations that incorporates the replacement of a BEST INTEREST DUTY with the ‘GOOD ADVICE’ concept.
• We think this is NOT in the best interests of consumers and Financial Advisers, it appears to be an institutionally advantaged manoeuvre for Banks to re – enter advice and operate their conflicted business models under a diluted legal liability.
• This is not a good outcome for Consumers considering the woeful performance of the Banks in the Royal Commission outcomes.
• It is also not a good outcome for professional Financial Advisers who need to differentiate themselves from product information staff working for the Institutions/Super Funds/Life Office in the Ministers preferred model.
• The Advice industry has 12 mostly irrelevant Associations meddling into issues that do not concern most of them or their members, we will not condone their involvement by participating in JAWG. We also think many of them are being unwittingly used to support this institutionally favoured agenda.

Here is a link to a paper further explaining our position for your consideration.

Read on at the link below.

THEY ARE AT IT AGAIN…… – AIOFP