Since March 2012 the AIOFP has been working on a Consultative Committee to represent the needs of the non-aligned adviser firms in the market.
The association met with Shadow Finance Minister Mathias Cormann, who has pledged his support for the cause. He has agreed to meet with a committee on a regular basis to discuss the needs of the independently-owned advice market.
The AIOFP put forward four objectives that Cormann agreed to work on with the committee:
Platform reclassification (“platforms are administration services, not investment products”)
Transparency in advice promotion
Mitigating FOS and COSL’s operating environment
Eliminating opt in
The paper from the AIOFP, available on our site, says that the independently-owned sector has been “naïve” in expecting other associations to represent its needs. It calls for a united voice and says that “independents need to demonstrate their preparedness to self-regulate to give Government and consumers greater confidence in our sector”.
“Although we agree with certain aspects of FOFA, we believe some conditions of the critical Conflicted Remuneration regulations are highly discriminatory to our sector,” the AIOFP says in the paper.
The committee will consist of no more than 12 participants from small and large advisory firms, on an initial honorary basis. It is proposed that it will meet on a quarterly basis with the Ministers office, ASIC, APRA and any other agencies/stakeholders. The AIOFP will invite directors from within and outside its membership.
Click here to automatically download the paper.
Do you think this committee is a good idea for the independently owned adviser market? Share your thoughts below.