The Financial Advice Association Australia (FAAA) is ready to continue working with the re-elected Labor government, and the new financial services minister once appointed, to strengthen the financial advice profession and improve access to quality, professional and affordable advice for all Australians.
FAAA CEO Sarah Abood congratulated prime minister Anthony Albanese on his emphatic re-election victory and reaffirmed the FAAA’s commitment to collaborating on critical policy areas to improve the sustainability and accessibility of financial advice.
“We congratulate the returning government and look forward to working closely with them to deliver meaningful reforms that support professional financial advice,” Ms Abood says.
“Australians are increasingly recognising the vital role that quality advice plays in achieving financial wellbeing. This is a time for genuine policy progress, and we are ready to assist the government in delivering it.”
The FAAA recently outlined five priority actions for the next government, developed through extensive member consultation:
- Fix the Compensation Scheme of Last Resort (CSLR)
- Provide adviser access to the ATO portal
- Deliver effective DBFO reforms and implement a standardised fee consent form
- Instigate a financial services razor-gang to cut red tape
- Support new entrants to the financial advice profession.
Ms Abood highlighted that delivering on these priorities will reduce costs, support growth in the profession, and improve consumer access to advice.
“One of the clearest messages from our members is that well-meaning but overly complex regulation has made financial advice harder to access and more expensive. We need to cut unnecessary red tape and ensure that advisers can focus on delivering great outcomes for their clients,” she says.
“We continue to urge the government to fix the CSLR so that financial advisers are not unfairly burdened by the cost of product failures. A cap on the advice levy and a more equitable funding model are essential.”
Ms Abood also called on the government to take active steps to grow the profession by supporting new entrants and addressing long-standing barriers to entry.
“We must make it easier for talented individuals to join our profession. That includes offering financial support to employers of Professional Year candidates, making the exam more accessible, and ensuring flexibility in the education framework,” she says.
“We are optimistic about the opportunities ahead and confident that by working together, we can create a more sustainable, fair, and accessible financial advice system for the benefit of all Australians.”
