The AFA was able to outline key industry concerns in a meeting with Assistant Treasurer and Minister for Small Business Kelly O’Dwyer, with the potential for future lobbying with backbenchers, according to federal Liberal MP Bert van Manen who was present at the meeting.
Speaking to Risk Adviser, Mr van Manen, who was present in the meeting with the new minister and the association, said the AFA’s meeting with Ms O’Dwyer was “very productive”.
“I thought [the AFA] communicated the issues well. The minister and her staff have certainly listened and have taken some detailed information from the AFA, and information that other advisers have provided,” Mr van Manen said.
Mr van Manen added that further meetings with Ms O’Dwyer have been planned, including with himself.
“I will be following up with her office [this] week to see where we are going and whether her office does want to meet with backbenchers who have concerns about this or who have had representations with advisers in their electorates,” he said.
The Financial Planning Association – which recently launched a life insurance advice guide for its members – will also been looking to speak with Ms O’Dwyer regarding a number of issues, including the Life Insurance Framework.
Chief executive of the FPA Mark Rantall said the association had been in “frequent contact” with the minister’s office and industry leaders since the changes to the federal government.
"The FPA wants to discuss with the minister concerns that have been raised by our members, including issues of transition and timeframes, as well as the PJC recommendations regarding raising ethical and education standards in the profession,” Mr Rantall told Risk Adviser.
"We have a number of issues that affect our members to discuss with the new assistant treasurer, including FSI recommendations and the PJC inquiry recommendations into education standards and ethics.
“The Life Insurance Framework was an alternative to the FSI recommendation of level commissions only on insurance and it continues to be a matter that we are waiting for a government response on,” he said.
It is not yet known whether the Financial Services Council (FSC) has made contact to meet with Ms O’Dwyer.
The FSC was contacted for clarification, but the organisation did not wish to make a comment.
Risk Adviser previously reported that Mr van Manen – a former financial planner and chair of the government’s backbench policy review committee for issues relating to small business – believed the reforms were “not set in stone” and that there was a lot of room for them to change.