The Financial Advice Association Australia (FAAA) welcomes the Opposition’s focus on affordable, professional financial advice as a national priority, and the recognition that access to quality advice plays a vital role in supporting Australians’ financial security.

FAAA CEO Sarah Abood added: “We are encouraged to see a number of the Coalition’s proposed measures align with the FAAA’s five key priorities for the next Federal Government. In particular, the commitment to reforming the Compensation Scheme of Last Resort (CSLR), giving advisers access to the ATO portal, reducing regulatory burden through DBFO and supporting new entrants to the profession. These are all important steps in addressing the challenges currently facing the sector.

“The profession has been clear: regulation in its current form is too often duplicative, inconsistent, and costly — for advisers and consumers alike. Thus the proposed creation of a financial services deregulation taskforce is needed and welcome.

“We applaud the Coalition on its ambitious target of 30,000 advisers. A numerical target for rebuilding adviser numbers is a helpful signal of intent, though this must be matched by action that makes the profession more viable and attractive to new entrants.

“We continue to advocate for concrete reform to CSLR — specifically, capping the advice levy at $10 million and ending adviser responsibility for product failures — and believe that without such change, rebuilding the industry will remain difficult.”

Ms Abood said as the election approaches, the FAAA will be engaging with all candidates and parties to seek their support for the FAAA’s five key asks. They 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

“We believe they offer a pragmatic and constructive path forward for the advice profession — and for the Australians who depend on it.

“We continue to seek clarity from Labor, the minor parties and the independents regarding their positions on these same asks, demonstrating their support for the advice profession and the great work we do helping Australian consumers be better off,” Ms Abood said.

‍