FAAA Urges Government to Focus on Consumer Protection in Financial Sector Reforms

The Financial Advice Association Australia (FAAA) has issued a statement urging the Australian government to place the interests of consumers at the forefront of financial sector reforms. CEO Sarah Abood expressed concern that an upcoming National Press Club address by Assistant Treasurer and Minister for Financial Services, Daniel Mulino, may overlook Australians' need for accessible and affordable financial advice.

The FAAA emphasizes that reforms must center on ensuring consumers can access quality, cost-effective advice. While welcoming progress on the response to the Shield and First Guardian matters, the association stressed the critical need for detailed plans to protect consumers and rebuild trust in the financial services industry.

Furthermore, the FAAA has voiced significant concern regarding the substantial increase in the ASIC Funding Levy for the 2025/26 financial year. The organization views this as an additional burden that could hinder the availability of affordable financial advice. The proposed "special" levy from the Credit and Investments Compensation Scheme (CSLR) for 2026/27 is also seen as a potential impediment.

Michelle Veitch CFP® is set to become the incoming chair of the FAAA Board later in 2026. The association also continues its annual FAAA Awards, recognizing outstanding contributions within the financial advice sector.