The Association of Financial Advisers (AFA) is continuing to attack the Federal Government’s Future of Financial Advice (FOFA) reforms with a new information pack for members.

The pack includes key FOFA facts and dates, the impact of the reforms on consumers and advisers, and the AFA’s policy and position.

It was developed by the association in collaboration with members and dealer groups using technical expertise from product providers.

AFA CEO Richard Klipin says the debate now is about politics rather than policy.

“We must ensure that our collective voice is heard,” he said. “The kit provides a clear way forward for advisers so that they can future-proof their practices as well as have an impact on the final FOFA outcome.”

Mr Klipin says the facts from the association’s research shows the price of advice will rise and the amount of red tape for advisers and product providers will increase dramatically.

“FOFA has failed to strike the right balance between improving advice outcomes on the one hand, while retaining access and affordability for all consumers on the other,” he said.

Australia’s largest life insurer, AMP, has also attacked the FOFA reforms, expressing “serious concerns” about the proposals.

Speaking at the company’s AGM last week, Chairman Peter Mason said AMP will continue to oppose the ban on life insurance commissions as it is not in consumers’ best interest.

“We will oppose proposals we believe to be ineffective policy and the proposals to phase out commissions on [life] insurance lodged through superannuation is, we believe, one such policy,” he said.

“Given the substantial underinsurance problem in Australia, we are concerned about the unintended consequences of this proposal, which we believe could worsen the problem.”

Mr Mason says 95% of Australian families do not have adequate levels of life insurance – a problem which is estimated to cost taxpayers $131 million a year.