AFA provides testimony at Parliamentary Standing Committee on Economics

SYDNEY: 29 July 2021 –  The Association of Financial Advisers (AFA) National President, Michael Nowak, Vice President, Sam Perera and Acting CEO, Phil Anderson appeared before the Parliamentary Standing Committee on Economics (the Committee) earlier today.

AFA National President, Michael Nowak said, “The AFA is pursuing a deliberate strategy to ensure that this important Committee was left with no illusion as to the significant issues facing the advice sector and the impact this is having on the accessibility of financial advice as a result of the continuing regulatory reform agenda.”

The AFA alerted the Committee to a number of significant issues, including that:

  • Financial advisers are drowning in red tape and compliance-related costs, due to the aggressive and never-ending regulatory reform agenda
  • Access and affordability to financial advice continues to decline rapidly
  • Existing financial advice clients are satisfied with their advisers and are the missing voice that needs to be considered in the context of reform

The AFA thanks its members for their continued support and are committed to working hard to maintain the trust and confidence of members in highlighting the issues impacting financial advisers and their clients.

Please click here for a copy of the AFA’s Opening Statement.

The testimony of Michael Nowak, Sam Perera and Phil Anderson will be available on the www.aph.gov.au  website in due course.

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About the AFA

The Association of Financial Advisers Limited (AFA)  has been the authentic voice on the value of financial advice for 75 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from its success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally the AFA believes in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.