Having cemented an alliance with the Financial Services Council (FSC), the Industry Super Network (ISN) now wants a similar deal with the advice sector.

Network CEO David Whiteley says industry representatives should hold talks before possible changes to the Future of Financial Advice (FOFA) legislation.

“I know there are elements in the financial advice industry that will be urging the Coalition, if it is elected, to tinker or radically dilute the FOFA reforms. I would caution against this and propose an alternative approach.”

He says a compromise has been reached on opt-in and there is agreement on enshrining the terms financial adviser and financial planner.

“So before the advice industry starts to lobby for changes, we should discuss [its] concerns, for example, regarding the best-interests test and scaled advice.

“These are not concerns industry super funds share. I think it is worth exploring why we hold different views. If there are concerns over the duplication of opt-in and fee disclosure, let’s have a discussion about that.”

Mr Whitely says the ISN and FSC have worked together to “elevate super out of politics”, to improve consumer confidence.

“This does not mean we are now a unity ticket on every issue. But it does mean that in the future we will pick up the phone rather than fire off the press release.”

He says the ISN and the advice industry can work together and “set aside what divides us. We also know each other well enough that policy debates around regulation will lead to robust public debates that will inevitably diminish confidence in advice.

“It will distract us from getting on with improving the financial circumstances of our members and clients.”