The Association of Financial Advisers (AFA) has formed a group to look at the implications of the various proposed legislative reforms of the financial services industry.

The Future of Financial Advice Working Group will be jointly run by Aon Advice MD Pierre Kraft and Australian Financial Services MD Peter Daly.

Other members of the group are Christina Kalantzis of Alexis Compliance Risk Solutions; Sean Graham from Millennium 3; Maria Cheers of Pivotal; Stephen Knight from Knight Management; AFA President Jim Taggart; Mark Stubbings of PIS; Jennifer Brookhouse from Strategy Steps and Karen Davies of CommInsure.

AFA CEO Richard Klipin says the group will investigate the impact of the proposed reforms on the industry and take its findings to Canberra.

“It is our role to discuss with the industry issues that affect how our members operate in the future and deliver our collective view to Canberra,” he said.

“We believe the group will lead the way in informing the Government on the real impact of reform on consumers, advisers, the financial advice industry and on Australia as a whole.”

Mr Daly says the proposed regulatory changes could have a serious impact on the way advisers work as well as implications for clients.

“There is a lot at stake with these proposed reforms and it’s critical that Treasury understands the nuances of the market place,” he said.

Five sub-committees have also been formed to develop policy positions on remuneration, fiduciary duty, intra-fund advice, volume-related payments and insurance.