2 Peter 1:9-10 But he that lacketh these things is blind, and cannot see afar off, and hath forgotten that he was purged from his old sins. Wherefore the rather, brethren, give diligence to make your calling and election sure: for if ye do these things, ye shall never fall.
The full quote seems to indicate that the act of faith is not a one time experience but an act of perserverence with the help of the grace of God. Refutes "once saved always saved" and "man has no free will" by my reading.
"Seems to" but perhaps not. It is simply a warning not to presume upon the mercy of God. The elect will show forth good works, since both faith and works are gifts of God, not humanly generated (Eph. 2:8-10).
Or, it is a warning against the old ditty:
I'm among the elect,
oh happy condition;
I can sin as I want
and still have remission.