AIOFP, FAAA encouraged by first meeting with Mulino

Following their inaugural meeting with new financial services minister Daniel Mulino, the Association of Independently Owned Financial Professionals (AIOFP) and Financial Advice Association Australia (FAAA) feel enthused about the impact he will have on the profession.

This week, the two associations met with Mulino to discuss critical matters facing the industry.

Meeting at Mulino's Melbourne office, some of the AIOFP's top priorities were the Compensation Scheme of Last Resort (CSLR), Life Insurance Framework (LIF) and rationalisation of the compliance regime.

AIOFP executive director Peter Johnston said: "We were all impressed with the Minister's knowledge of our profession, you may recall he was Minister Shorten's adviser with FoFA leading into the 2013 Federal Election. I think the Minister is the most impressive with industry knowledge we have encountered in our 27-year history, a great start and badly needed at this particular time in our profession's development."

The delegation included AIOFP technical committee chair Lionel Rodrigues, Sequoia Financial Group managing director Garry Crole and former New South Wales Premier Nathan Rees.

"The meeting duration was 63 minutes involving a current staff member and two Treasury advisers with the Minister," Johnston said.

"There was obviously never going to be any decisive immediate action from our session, but we came away thinking the Minister will listen, he will understand, will always act in the best interests of consumers and more importantly he will not rely upon others to make a decision."

At a separate meeting on Wednesday, FAAA chief executive Sarah Abood and chair David Sharpe said they are "very encouraged by his willingness to listen and work with the profession."

"The Minister acknowledged the issues facing our profession and agrees that the Delivering Better Financial Outcomes reforms are a priority.  He is focused on releasing the remaining tranche of the reforms as quickly as possible," Abood said.

"He also recognises the importance and urgency of resolving the problems with the Compensation Scheme of Last Resort. The final report from the Treasury review, as well as a finalised estimate for the FY26 levy, are expected early in the new financial year."

The FAAA also broached with Mulino the future of the profession, including the importance of reducing costs and red tape, and attracting and retaining more financial advisers.

"We look forward to working closely with Minister Mulino on these issues to achieve positive change for financial advisers and Australian consumers," Abood said.