IFA: Exploring good advice and advocacy in financial advice
In this episode of the ifa Show, stand-in host Keith Ford chats to Peter Johnston, executive director of the Association of Independently Owned Financial Professionals (AIOFP), to discuss the proposed good advice legislation and the power advisers have to lobby the government.
Mr Johnston explains why he believes the good advice standard would be detrimental to consumers and gives his thoughts on whether the government is likely to adopt it.
He also discusses the AIOFP’s lobbying efforts, including why the advice profession is in a unique position to influence the government with the backing of their clients, and how the various industry associations can work together to look for positive outcomes.
Additionally, Mr Johnston discusses the AIOFP’s involvement in roundtable discussions with Treasury regarding the Quality of Advice Review (QAR), as well as some highlights from the association’s recent conferences in Bangkok and London.