The Association of Financial Advisers (AFA) has established a Government and Policy Committee to ensure the views of the association are made clear to policymakers and regulators.
Michael Murphy, AFA board member and principal of Murphy Financial Solutions, will chair the new committee.
Murphy says part of the committee’s brief is to “respond to all major Government inquiries”.
Murphy says the committee aims to make sure the AFA’s voice is heard in Canberra, and has called on the Government to work with the industry on a range of issues, including: consumer literacy and education; ensuring that ASIC has power to qualitatively assess product providers rather than focusing on ensuring their documents are legally acceptable; ensuring that disclosure documents meet the “clear, concise and effective mantra” of Financial Services Reform (FSR); and ensuring that regulation is appropriate for the requirements of the marketplace.
