Legislative Developments & Submissions

Recent times have been highly challenging for the financial advice profession. During this time, we have been confronted by the development and release of standards from FASEA, observed the Banking Royal Commission hearings and then the release of the final report and the initial implementation of recommendations from the Royal Commission. Both of these key matters have driven or will drive substantial change in the financial advice marketplace, that may fundamentally change the nature of providing financial advice. They both pose significant risks for the future success of the financial advice profession. We support the ongoing process of professionalisation of financial advice, however reforms need to be both pragmatic and deliver genuine benefits for consumers. There is no certainty that clients will benefit from much of what is happening.

We all have a role to play in talking to politicians to ensure that they do understand financial advice and the consequences of some of the reforms that they will be debating over coming months. Politicians respond most favourably to voters within their own electorates; people who have a real connection to the community that they have been elected to represent.

For this reason, we are encouraging all members to take the time to meet their local Federal Member and to discuss with them what you do and the great value that you provide to your clients. We want them to take an interest in financial advice and to understand the benefits that you deliver for your clients. We are also encouraging you to build a relationship with your local Member that you can leverage in the future as key issues emerge.

To assist members in this respect, we have developed the Member Advocacy Pack containing the following documents:

• A Guide to contacting and arranging a meeting with your local member.
• An Advocacy Pack that includes discussion on the key issues that we currently face and where we would like to see a more informed debate.
• A two page summary of the key issues and the AFA’s recommendations, which could be shared with your local member.

Please read these documents carefully. For further guidance on contacting your local Member, contact the AFA Policy team on (02) 9267 4003. We encourage you to speak to the AFA Policy team in advance of any meeting with your local Member to assist you to prepare and also afterward to ensure that we understand how the meeting went and what further action may be required. We will also provide a Powerpoint presentation template to assist with the conduct of the meeting. Please forward any questions to policy@afa.asn.au.