The CEO of the AIOFP, Peter Johnston, shares a letter to ALP politicians

Dear ALP Parliamentarian, the Advice Industry widely supported the ALP and Minister Stephen Jones leading into the 2022 Election after being poorly treated by the last Coalition Government for 9 years.

As the below survey indicates, after a promising Ministerial start in 2022, Minister Jones’ support has finally evaporated with his ‘dogged’ approach to the latest 99FA Legislation controversy.

Even the Australian Law Reform Commission and Law Council of Australia disagree with the Minister’s views, it certainly appears the Minister prefers the position of Canberra Bureaucrats rather than Advice Industry Associations and their clients who are firmly united on this issue.

We are currently seeking a KC’s opinion on this matter, see attached –

The Advice community has a very close commercial/political relationship with their 3,000,000 clients around the nation and the Ministers handling of this issue will only increase the cost of advice for consumers.

We are in the process of educating consumers on why the cost of advice has escalated and who is responsible, this outcome may have some impact on marginal seats at the next election thanks to a very angry universal response from Advisers.

Attached is a letter we have sent to Treasurer Chalmers seeking a compromise for your consideration.


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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