The Financial Advice Association Australia (FAAA) has launched an online Federal Election Hub, including a new tool for advisers to search for their electorate, to find local candidates and their policy positions on the FAAA’s five key asks.

The five key asks of the FAAA are:

1.      Fix the Compensation Scheme of Last Resort (CSLR)

2.      Provide adviser access to the ATO portal

3.      Deliver effective Delivering Better Financial Outcomes (DBFO) reforms and implement a standardised fee consent form 

4.      Instigate a financial services razor-gang to cut red tape

5.      Support new entrants to the financial advice profession

FAAA CEO, Sarah Abood, says the FAAA has been engaging with politicians and other industry stakeholders, to seek their commitment to the key asks.

“I encourage every member, and indeed every person who cares about advice policy reform, to go to the FAAA Federal Election Hub and carefully compare the candidates. It’s important to really get a sense for where each and every candidate stands on our key asks and the future of the profession.”

In addition, the FAAA has been holding a series of Federal Election Financial Services Summits in key electorates around Australia, in the lead up to the election.

“These Summits bring together key political decision makers and stakeholders to discuss what needs to be achieved over the next three years to improve accessibility and affordability of financial advice.

“Summits have been held in Brisbane and Sydney, and in Perth today, with Redcliffe in Queensland and Western Sydney to be held next week.”

Abood adds the FAAA has been encouraged by the response received from many candidates to the FAAA’s key asks.

“The Coalition has already promised action on the FAAA’s five key asks, and we urge the Labor government to do the same,” she says.

The Coalition will:

• Fix the Compensation Scheme of last resort, including:
  • Reinstating the $10 million annual subsector cap, which Labor doubled to $20m, to immediately halve the next industry levy to a capped maximum of around $600, rather than the thousands it currently is
  • Excluding ‘but for’ compensation for hypothetical capital gains, which makes up around 80 per cent of CSLR complaints
  • Not issue any ‘special’ levies for the 2025/26 year
• Provide adviser access to the ATO portal
• Implement Michelle Levy’s Quality of Advice Review recommendations and deliver initial legislation in the first 100 days of government.
• Establish a taskforce to cut red tape and remove bureaucracy in the financial services sector
• Set a numerical target to rebuild the financial advice industry to 30,000 advisers and implement reforms to the education and relevant degrees standards based on the work progressed by the industry-led ‘Joint Associations Working Group’

As other statements come in from candidates or parties this will be updated on the Federal Election Hub: https://faaa.au/federal-election-hub/ .

“Financial advisers need a commitment from political parties of all persuasions to provide immediate certainty for the advice profession and reduce costs,” Abood says.

“I would also add that any candidate nationwide, who isn’t happy with how their pledges on the asks have been ranked, should contact the FAAA on contact@faaa.au or (02) 9220 4500 so we can get them updated and tell our members that you support them.”

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