Sarah Abood

The FAAA believes all MISs should be registered, and also suggests that ASIC could play a role in the formal approval of new MISs. The views are part of the FAAA’s submission to Treasury on enhanced data collection for MISs which the FAAA supports.

It says it “strongly supports proposals to improve the collection and analysis of data on both registered and unregistered MISs, which we believe could help reduce the frequency and scale of MIS collapses and the resultant consumer detriment.” The submission responds to each of the consultation questions raised by Treasury including:

• what data should be collected at point of registration
• whether there should be recurrent data collection and if so, how often
• the relevant data fields which should include investment performance, social media spend, and complaints data

Read the full submission.

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Damian Ogden

Chartered Accountants Australia and New Zealand (CA ANZ) has welcomed the inclusion of taxation accountants and external auditors on the latest Jobs and Skills Australia Occupation Shortage List, as it reflects persistent workforce challenges identified by the profession.

While overall labour market shortages have eased, the continued inclusion of key accounting occupations highlights ongoing difficulties attracting skilled professionals in areas critical to business confidence, governance and economic growth.

The findings also reinforce broader concerns about the profession’s workforce pipeline, with research commissioned by CA ANZ and conducted by Oxford Economics Australia forecasting a shortage of almost 18,000 accounting, audit, tax and finance professionals by 2035.

Damian Ogden, Group Executive Advocacy, Public and Government Affairs at CA ANZ, said the latest data showed accounting shortages remain an important economic and productivity issue.

“Australia’s need for specialist accounting expertise continues to outpace supply. Without action to strengthen the talent pipeline, workforce pressures will only intensify in the years ahead,” Mr Ogden said.

“These professionals help underpin business confidence, financial integrity and tax compliance. Persistent shortages in these roles create risks that extend well beyond the profession itself.”

CA ANZ’s member survey, submitted to Jobs and Skills Australia as part of its consultation process, identified likely shortages of taxation accountants and external auditors. It also pointed to ongoing challenges attracting general accountants, despite the occupation receiving a qualified ‘no shortage’ rating in the latest list.

External auditors remain among the profession’s hardest roles to recruit, with members reporting these vacancies take the longest to fill due to shortages of experienced professionals and specialist skills.

Mr Ogden said the findings should prompt a renewed focus on the accounting workforce pipeline.

“As workforce pressures ease in other sectors, there is an opportunity to focus on specialist shortages that can constrain productivity, investment and economic growth,” Mr Ogden said.

“This is not a challenge without solutions. Building the workforce Australia needs will require coordinated action from government, educators, employers and the profession, because Australia’s productivity depends on having the right skills in the right places.”

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David Locke

The Australian Financial Complaints Authority (AFCA) received the highest number of complaints in its history during the 2025-26 financial year, with almost 120,000 complaints lodged by consumers and small businesses.

Releasing its Annual Review, AFCA Chief Ombudsman and Chief Executive Officer David Locke said the record number of complaints indicates many Australians continue to face financial pressures, and that more needs to be done at industry level.

“Nobody wants to see this number of complaints. The data reinforces the need for firms to resolve issues early where they can,” Mr Locke said.

“Internal dispute resolution is an opportunity for financial firms to put things right, and stop the complaint from escalating to AFCA,” he said.

“We want to be resolving the complex cases that require dispute resolution expertise.”

Complaints increased across every industry, but banking and finance disputes made up more than half of all AFCA complaints for the 12-month period, with 66,971 lodged.

Scams and unauthorised transactions were the top two issues in banking and finance, with 6,580 scam complaints and 6,038 unauthorised transactions complaints.

“Scams and unauthorised transactions continue to cause significant harm and our data shows there is more work to do to stop people falling victim to these sophisticated attacks,” said the Chief Ombudsman.

“With our expanded scams role starting in less than six months, preparations are well underway. The Australian Scams Ombudsman, which will be operated by AFCA, will give consumers an independent place to turn when they can’t resolve a scam complaint directly with the organisations involved,” he said.

“But again, effective internal dispute resolution will prevent unnecessary escalation to AFCA.”

The Australian Scams Ombudsman, operated by AFCA, will begin accepting complaints about banks, telcos and digital platforms from 31 March 2027.

For general insurance, 36,022 complaints were lodged, marking a fifth year of growth for the industry. The most complained about product was motor vehicle insurance with 14,430 complaints lodged.

“General insurance complaints have increased every year. While we recognise the impact of climate-related events and supply chain issues, insurers remain responsible for keeping customers informed, explaining delays and communicating clearly throughout the claims process,” Mr Locke said.

While complaints about life insurance remained broadly stable, complaints about funeral insurance are a continuing area of concern.

“While funeral insurance complaints are a small part of our caseload, the upward trend is concerning. These policies are intended to support families at a difficult time. Complaints about difficulty cancelling policies and unclear premiums suggest consumers are not getting the information they need about these products.”

Superannuation complaints rose sharply in 2025–26, with AFCA receiving 8,755 complaints, up 42 per cent on the previous financial year. Complaints about funds refusing to pay claims rose by 80 per cent.

“As more Australians move into and through retirement, their relationship with their superannuation fund becomes increasingly important. For many people, these funds represent a lifetime of work and financial security in retirement. Funds must take care to respond to members’ concerns and focus on achieving good outcomes wherever they can,” said Mr Locke.

Large-scale investment collapses were the main driver of investments and advice complaints, with complaints about the Shield and First Guardian Master Funds making up the bulk.

Mr Locke said he recognises the stress and uncertainty these investors have already endured, and AFCA remains committed to progressing these matters as quickly as possible.

Financial difficulty complaints rose 17 per cent to 5,566, with financial firms failing to respond to requests for assistance remaining as the top issue.

“People tend to contact financial firms for hardship assistance when they’re already under pressure. Firms need to do more to identify hardship early and provide meaningful support for these customers,” the Chief Ombudsman said.

“These complaints should be dealt with promptly and with care. A resolution that comes after months of uncertainty is not the desired outcome for a consumer facing hardship, and it is rarely a good outcome for the financial firm either,” Mr Locke said.

AFCA’s complaint data provides valuable insights that can help financial firms improve consumer outcomes and reduce the number of disputes that need to come to AFCA.

“Complaints are already increasing in the first quarter of this financial year and if that trend continues we will receive even higher numbers next year.”

Read the report.

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Ainslie van Onselen

Financial abuse often hides in plain sight, but Chartered Accountants Australia and New Zealand (CA ANZ) is helping its 143,000 members identify the warning signs through a new playbook, Identifying and Preventing Financial Abuse^[1].

Research shows 93 per cent of CA ANZ members believe Chartered Accountants have a role to play in identifying and preventing financial abuse, highlighting the profession’s growing recognition of its role in protecting vulnerable people.

The resource was launched during CA ANZ’s Global Ethics Day 2026 event, which attracted more than 20,000 registrations and brought together leaders from banking, community organisations and the human rights sector to discuss how trusted professionals can help prevent abuse.

CA ANZ Chief Executive Officer, Ainslie van Onselen, said accountants are often among the first professionals in a position to identify potential financial abuse.

“Accountants often have access to sensitive financial information and visibility over transactions and arrangements that others may never see.

“That places them in a unique position to recognise potential warning signs of financial abuse. While they’re not investigators, they do have a responsibility to act in the public interest, ask questions and use their professional judgement when concerns arise.”

Financial abuse can occur within families, relationships and businesses, and can include coercive control, hidden debts, misuse of powers of attorney, unauthorised directorships, manipulation of financial structures and the exploitation of vulnerable people.

The Playbook provides practical guidance, including warning indicators, engagement letter wording, escalation pathways, ethical decision-making tools and referral options.

Australian Banking Association Chief Executive Officer, Simon Birmingham, said warning signs are often missed when viewed in isolation.

“Financial abuse thrives when warning signs are viewed in isolation. Banks see transactions, accountants see structures, and together those perspectives can help uncover harm that might otherwise remain hidden.”

Mr Birmingham said advances in technology make cross-sector collaboration increasingly important.

“As technology becomes more sophisticated, collaboration becomes more important. No single organisation can solve this problem alone.”

Australia’s Age Discrimination Commissioner, Robert Fitzgerald AM, said trusted advisers can play a critical role in identifying and preventing elder financial abuse.

“Financial abuse of older people doesn’t stop until someone steps in to stop it. Accountants, lawyers, banks and other trusted advisers often see the warning signs before anyone else, which means they have a unique opportunity to prevent significant harm.”

He said professionals should not wait for definitive proof before responding to concerns.

“Financial elder abuse is rarely a single event. It’s often a pattern that escalates over time. The earlier trusted professionals intervene, the greater the opportunity to protect vulnerable people.”

Drawing on Good Shepherd New Zealand’s work supporting women experiencing economic harm, Chief Executive Tania Pouwhare said financial abuse remains one of the least understood forms of abuse.

“Financial abuse is not a private financial matter. It is a form of violence that strips people of their independence, safety and future opportunities.

“Many victim-survivors do not realise what is happening to them is financial abuse. A simple question from a trusted professional can be the first step towards safety and recovery.”

The Playbook builds on CA ANZ’s broader work to support members in identifying and responding to financial abuse, including member education, ethics guidance, policy advocacy and collaboration with government, industry and community organisations.

Ms van Onselen said the strong response to this year’s Global Ethics Day reflects the profession’s commitment to protecting vulnerable people.

“More than 20,000 people registered for Global Ethics Day because they understand that trust carries responsibility.

“Chartered Accountants want to be part of the solution, and this Playbook gives them practical tools to help protect vulnerable people and respond confidently when concerns arise.

“My message to members is simple: download the Playbook, use it and keep it close at hand. If your instincts tell you something isn’t right, don’t ignore it. Pause, ask questions and use the resources available to you.”

———

Notes:
[1] Identifying and Preventing Financial Abuse.

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Christine Cupitt

CALI has named Aisha Elnour and Kristen Agius as the first of ten ReCALIbrate recipients in its expanded 2026 program, backing them to help shape what comes next for the risk advice profession.

Both recipients will receive $2,000 to support their attendance at the Financial Advice Association Australia (FAAA) Congress in Melbourne from 24 – 26 November.

Council of Australian Life Insurers (CALI) CEO Christine Cupitt said strengthening the pipeline of professional risk advisers was vital to helping more Australians make informed decisions about protecting their financial future.

“The future of life insurance and financial risk advice will be shaped by the people we back today,” Ms Cupitt said.

“Aisha and Kristen bring different experiences to risk advice, but they share a deep belief in the difference it can make when people face some of life’s hardest moments.

“By helping talented women like these to build their skills, networks, and visibility, we are investing in a stronger future for the advice profession.”

Brisbane-based risk adviser Aisha Elnour, who recently completed her professional year, said her experience of migrating to Australia shaped her commitment to financial security and risk advice.

“I came to Australia from a background where security and opportunity could never be taken for granted. That experience shaped how I see the world,” Ms Elnour said.

“Life insurance is not simply a product or a policy; it can preserve a family’s dignity, choices, and financial stability at the moment they need it most.

“ReCALIbrate will help me broaden my technical knowledge, strengthen my confidence, and build relationships beyond my immediate professional network.”

Sydney-based financial adviser Kristen Agius has worked in risk advice for 10 years, progressing from administration and paraplanning roles to becoming a financial adviser.

“Risk advisers can have a profound impact on people’s lives at the worst possible time in their lives. The role we play in enabling individuals and businesses to insure against death and disability is pivotal to protecting families, society, and the economy,” Ms Agius said.

“ReCALIbrate will help me develop my communication and leadership skills, build relationships with more women in the profession, and shape what the future may look like for me.”

FAAA CEO Sarah Abood said the Congress would give both recipients an opportunity to learn, connect, and contribute to the future of professional advice.

“Australia needs more skilled financial advisers who can make a huge positive difference in people’s lives,” Ms Abood said.

“We look forward to welcoming Aisha and Kristen to the FAAA Congress, where they can strengthen their professional networks, exchange ideas, and bring new insights back to their clients and communities.”

ReCALIbrate has supported 15 women financial risk advisers to attend the FAAA Congress since the program began in 2023.

This year, CALI doubled and expanded ReCALIbrate from five grants to ten career-shaping opportunities for women across life insurance and financial risk advice. Aisha and Kristen are the first recipients announced under the expanded program.

The eight women selected for the new 12-month ReCALIbrate Women in Life Insurance Program, delivered in partnership with Future Women, will be announced in November 2026, completing the 2026 ReCALIbrate cohort.

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Tiffany Tan

Australia’s largest accounting body CPA Australia says the audit profession continues to work constructively with ASIC to improve audit quality, while trustees must remain accountable for the valuation of super fund investments.

CPA Australia has welcomed the release of ASIC’s report, Accounting for your super: Super fund financial reporting and audit 2025–26, which identifies improvements in audit quality while highlighting ongoing challenges associated with valuing increasingly complex and less transparent investments. ASIC’s review found persistent concerns around the valuation of unlisted investments and whether trustees and auditors have access to sufficient information to appropriately challenge valuation assumptions.

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Its 2025–26 Annual Report, published last week, shows how the Committee held brokers accountable for serious failures, exposed weaknesses in broker–agent arrangements and tackled persistent problems with insurance renewals.

During the year, the IBCCC made 17 formal findings that brokers had breached the Code and imposed six sanctions — its highest number to date.

A review of seven brokers also found weaknesses in how they managed agents and representatives, including conflicts of interest, disclosure and oversight. The Committee made nine breach determinations and imposed one sanction as a result.

Chair of the IBCCC, Oscar Shub, said formal action was important because it required brokers to address problems, not simply acknowledge that a breach had occurred.

“The numbers are not the achievement in themselves,” Mr Shub said.

“What matters is that brokers confront failures, remedy problems and strengthen their practices. Holding brokers accountable gives substance to the commitments they make to their clients under the Code.”

The Committee also targeted renewal practices, which remained the largest source of reported Code breaches and accounted for almost half of all breaches in 2025.

After reviewing the practices of 29 brokers, the IBCCC published guidance showing how earlier planning, closer oversight and clearer communication can reduce last-minute pressure, give clients more time to consider their options and reduce the risk of gaps in cover.

“Renewals are a persistent problem, but they are also an area where brokers can take practical steps to reduce the risk to clients,” Mr Shub said.

“Starting early, tracking progress and communicating clearly gives clients more time to understand their options and make informed decisions instead of dealing with important insurance decisions at the last minute.”

The IBCCC also used industry data to sharpen its monitoring and help brokers assess their own performance. Brokers reported 5,417 Code breaches affecting 14,824 clients, with a reported financial impact of $5.848 million. The Committee’s analysis reinforced renewals and communication as recurring areas of concern and helped shape where it focused its work.

“Industry data helps us see where problems are recurring and where the Committee needs to look more closely. It also helps brokers compare their own performance and identify weaknesses before they become bigger problems for clients,” Mr Shub said.

The IBCCC also used what it learned from monitoring the current Code to push for stronger client protections in the revised Insurance Brokers Code, including in areas such as conflicts of interest, vulnerability, renewals and remuneration disclosure.

In 2026–27, the Committee will focus on helping brokers implement the revised Code while continuing its work on conflicts of interest and better client communication practices.

Read the IBCCC Annual Report 2025-26

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Sarah Abood

The Financial Advice Association Australia (FAAA) welcomes the Australian Government’s response to the 2024 Parliamentary Joint Committee inquiry into financial abuse and its commitment to working with the financial services sector to better protect Australians.

“Financial abuse is a complex issue that requires a coordinated national response. The FAAA looks forward to working with the Government and other stakeholders to develop additional practical solutions that will help detect abuse and better support victims and people at risk,” said FAAA CEO, Sarah Abood.

“Financial advisers are deeply concerned about this issue, which they see first-hand. Advisers have helped clients by identifying the signs of potential financial abuse and supported them through the trauma and recovery.”

The FAAA welcomes the Government’s recognition that professional bodies can help ensure that ethical obligations, professional standards and disciplinary frameworks meet community expectations in this area.

“We would like to acknowledge the support of key ministers from across Government portfolios who contributed to the financial abuse announcement, and all parliamentarians involved in the PJC inquiry on this important issue,” Abood says.

“We will continue to work with key stakeholders to progress work in this area, including under the Australian Human Rights Commission’s leadership of the Financial Abuse of Older People Action Collaborative (Action Collaborative), and through the Advisory network for business related financial abuse.

“The FAAA has worked with academics and financial abuse specialists to build members’ capability through approved university financial planning degrees and continuing professional development. We remain very supportive of this work and call on the Government to fund what is likely to be costly further education and training to strengthen professionals’ ability to identify and respond to financial abuse.”

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Lisa Carroll

New research from CFA Institute reveals private market allocations can improve risk-adjusted performance for defined contributions retirement schemes, with private equity enhancing returns the most of all of the private assets examined.

Australia’s compulsory superannuation system, a defined contribution scheme, was considered in the new CFA Institute research, reflecting its status as the fourth largest pension market in the world. Australian superannuation assets totalled a record A$4.77 trillion in the June 2026 quarter, with Australian superannuation funds having encompassed private assets ahead of other markets, the report noted.

The research, Private Markets in Retirement Plans: Returns, Risks, and the Importance of Plan Design^[1], compares schemes investing in public equity and fixed income only to defined contribution (DC) or accumulation retirement portfolios also allocating to private equity, private debt, infrastructure, real estate, and venture capital, to examine how private assets could affect long-term retirement outcomes.

The research finds that a modest allocation to each private market asset class across the accumulation period improved risk-adjusted performance compared to portfolios with allocations only to public equities and bonds. The improvement in risk adjusted returns, or the mean annual Sharpe ratio, appeared across all private asset classes the CFA Institute examined, with the highest mean annual Sharpe ratio observed in funds that allocate to private equity or venture capital.

“The relevant test is whether a private market allocation adds value after fees and within the liquidity, valuation, and governance constraints of a defined contribution plan. Our analysis shows that the answer depends on the asset class and the design of the plan,” said Olivier Fines, CFA, Head of Advocacy and Policy Research at CFA Institute.

According to CFA Society Australia CEO Lisa Carroll, Australian superannuation funds already invest in private assets including infrastructure, property, private equity, and private credit. “Large superannuation funds already treat unlisted infrastructure, property, private equity, and private credit as established building blocks for long-horizon portfolios, with Australian policy focused on valuation, liquidity, and governance,” Carroll said.

“Importantly, this new report finds that retirement funds with allocations to private equity or venture capital show a higher average end accumulation value and stronger upside performance than those only investing in public equities and bonds,” Carroll said.

“The key message from the report is that private market inclusion in accumulation plans should be carefully considered and calibrated into retirement portfolios; it should account for portfolio construction considerations and associated costs, liquidity and fee constraints, retirement outcomes, and fiduciary governance,” Carroll said.

APRA’s December 2024 thematic review on unlisted asset valuation and liquidity risk management makes the stance clear for superannuation funds. APRA expects timely and reliable valuation information, strong board oversight, conflict management, clear revaluation triggers, and credible liquidity frameworks, the report noted.

Other key findings from the research are that pairing venture capital with defensive private market assets such as private debt, infrastructure, or real estate reduced volatility and modestly improved risk-adjusted performance compared with including only venture capital in the private market allocation.

Plan design also matters. Changes to the target-date fund’s asset allocation over the course of the plan, in particular the glide path from equities to bonds over the final 10 years, affected the modeled outcome.

“Ultimately, contribution levels and the time horizon over which cash flows are compounded are the most important aspects of securing adequate retirement income,” Carroll said.

Read the report.

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The 2026 finalists represent organisations, teams and individuals from across New Zealand’s insurance ecosystem, including general and life insurance, broking, claims, underwriting, insurtech, financial advice, professional services and service providers.

This year also marks the introduction of Financial Advice Provider/Authorised Body of the Year, a category recognising the growing importance of advice-led models in delivering strong customer outcomes.

ANZIIF CEO Katrina Shanks congratulated this year’s finalists.

“The calibre of this year’s finalists reflects the professionalism, innovation and commitment to customers that continue to strengthen New Zealand’s insurance industry,” Shanks says.

“We look forward to bringing the industry together to recognise their achievements and celebrate the people and organisations setting the standard for excellence.”

2026 Finalists

Broker Network of the Year

• Community Broker Network New Zealand
• Insurance Advisernet

Claims Team of the Year

• AA Insurance
• Asteron Life
• Chubb Insurance New Zealand
• Fidelity Life Claims Team
• Godfreys Managed Services (GMS)
• Medical Assurance Society – General Insurance Claims Team
• Partners Life
• Vero Insurance

Financial Advice Provider/Authorised Body of the Year

• Invicta Financial
• Resure
• RIVAL Wealth

Insurtech Start-Up of the Year

• Announced on the night

Small-Medium Broking Company of the Year

• Blanket Advice Limited
• Fundagroup Insurance Brokers Limited
• TWG Financial Services

Large Broking Company of the Year

• Announced on the night

General Insurance Company of the Year

• AA Insurance
• Aioi Nissay Dowa Insurance New Zealand
• FMG
• Tower
• Vero Insurance

Life Insurance Company of the Year

• Asteron Life
• Fidelity Life
• Partners Life

Professional Services Firm of the Year

• Finity
• McLarens
• Morgan Home Repairs
• Sedgwick New Zealand
• Wotton Kearney

Service Provider to the Insurance Industry

• Arc Projects
• IVAA Contents Procurement
• Johns Lyng
• RedBook New Zealand
• Simfuni
• Xceedance

Underwriting Agency of the Year

• Delta
• Emergence Insurance

Young Insurance Professional of the Year

• Anika Thomasson – Sedgwick New Zealand
• Chloe Keen – Marsh
• Darcy Hughes – Marsh
• Erika Cox – McLarens
• Irene Chiang – Marsh
• Joey Gregory – SHARE NZ – The Advisory
• Musa Olatunji – Godfreys Chartered Loss Adjusters
• Nick Swiney – Medical Assurance Society
• Sam Paterson – Fidelity Life
• Tahlia Rogers-Brown – Zurich

The ANZIIF Lifetime Achievement Award will be announced on the night following a separate industry nomination and judging process.

We look forward to bringing the industry together to celebrate excellence, leadership and achievement across the profession at a new venue.

The 2026 Awards will be held at the New Zealand International Convention Centre on Tuesday 10 November.

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