Union disunited
Disunity within the Financial Services Union (FSU) is blocking attempts to make it a more professional organisation, national secretary, Fiona Jordan, claims.
In a letter to members Jordan said a "hostile national executive" has prevented her from implementing her plans to reform the union, since her election 13 months ago.
"As members of the union, you have a right to know what has been occurring," she said.
"The truth is, attempts to change our union, to restore confidence in it, to pursue the agenda of making us a more professional organisation equipped to deliver on member needs, have been blocked.
"The efforts have been deliberately undermined by a series of extraordinary actions designed to stymy change.
"This has included a hostile response from local management (secretaries) and the majority of the national executive.
"The level of interference by members of the national executive has been extraordinary and has had the deliberate effect of frustrating my efforts to make the changes I undertook to implement, with your support.
"I understand the importance of having a functional organisation and for the national secretary to be answerable to a board as well as to the members. But the level of corrosive, disingenuous and unaccountable behaviour has meant we have reached an impasse.
"To be blunt, if we witnesses similar behaviour amongst finance employers we would rightly be taking action — and that's exactly what members need to do."
Jordan said she would "continue to fight for change and accountability" for members.
"you elected me to make the changes that existing officials have failed to deliver so I intend to see this through, but I need you to voice your support for me," she said.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
