The Association of Financial Advisers (AFA) is pleased to be continuing its constructive advocacy work with The Hon. Kelly O’Dwyer, MP who has been named Minister for Revenue and Financial Services in the new Turnbull ministry. The Assistant Treasurer portfolio has been renamed and the Nationals’ Michael McCormack, Federal Member for the Riverina, has been named Minister for Small Business.
“We welcome Ms O’Dwyer’s appointment to the newly-named portfolio and the continuity and understanding she brings to the role,” says AFA CEO Brad Fox. “Her reappointment will ensure the progress made on professional standards and other reforms will hasten along and thus reduce the time for today’s professional advisers to be recognised and trusted by the community for the good advice they provide.”
Mr Fox said AFA members, and the financial services industry as a whole, are keen to continue discussions on life insurance and professional standards reforms, as well as important reforms on superannuation, controls over robo-advice and the review of Statement of Advice documents. “The AFA is well placed to provide good outcomes for our members and their clients on all these reforms,” he says.
Throughout the election campaign period, the AFA has continued working to remove any ‘carve-out’ advantages for direct salaried channels from the draft life insurance legislation and regulations. This work aims for remuneration reforms to apply at the same level and same time regardless of distribution channel, or whether an adviser is employed by an institution or in a small business and giving general or personal financial advice.
“An equitable, sustainable and workable solution is required in this important area of reform so that the benefits of personal financial advice can continue to be competitively accessed by Australians. We believe this can be achieved with some guidance,” Mr Fox says.
The AFA is also calling for the future Standards Body to assign a board seat to an experienced small business advice practitioner.
“We will continue to work with the Minister on reforms and to share with the Minister the important feedback we have received from our members about the superannuation changes,” Mr Fox says.
