According to the Association of Independently Owned Financial Professionals (AIOFP), the COVID-19 pandemic may be producing some positives for financial advisers.
In a letter to AIOFP members, executive director Peter Johnston wrote that despite all the doom and gloom around the coronavirus and market correction, advisers have reason to look on the bright side.
"There have been a number of significant political events over the past few months that should give the advice community hope that the worst of our poor treatment at the hands of politicians over the past 10 years is coming in an end," Johnson said.
"It appears the pendulum is starting to swing back to some badly needed middle ground and that light at the end of the tunnel is intensifying."
The letter wasn't all positive though.
"Unfortunately it is too late for those who have left the industry in disgust suffering business devaluation losses and those who have committed suicide, but the following events look promising," Johnson said.
The AIOFP is positive about Treasury's request for market views on the Compensation Scheme of Last Resort because submissions and commentary are acknowledging that advice and product failures are separate.
Politicians, Johnson suggested, are also showing more support for advisers.
"For the first time in many years we have politicians publicly acknowledging that the current government and the FASEA organisation they created have gone too far," Johnson said.
"Shadow Minister for Financial Services Stephen Jones has been vocal on this matter and Liberal Bert van Manen and Senator Amanda Stoker have also been highly critical of FASEA's conduct."
He added that the honeymoon is over for the Prime Minister, noting that the bushfire response has turned public opinion.
"We are expecting that further amendments will be favourably viewed and the government will finally start listening and acting on market feedback - CSLR and the ADVICE FEE CONSENTS Consultation Paper 329 will be a big test," Johnson said.
"The inconvenient truth is that this over-zealous compliance regime is that it has been justified on the past $40 billion product failure environment being falsely and unfairly blamed on advisers, when the regulation and management of products sits squarely in the domain of regulators and institutional management."
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