Will Freyer has been announced as the recipient of the 2026 Lloyd’s Australia Innovators Scholarship.

ANZIIF and Lloyd’s Australia are proud to announce Will Freyer, Graduate, Technical Division at Allianz Australia, the recipient of the 2026 Lloyd’s Australia Innovators Scholarship.

Freyer received the scholarship for his pitch, “Carbon Performance Protection Facility: Unlocking carbon project finance through innovative risk transfer”, which explores how innovative insurance solutions could help address financing risk and enable investment in carbon projects.

The scholarship recognises emerging insurance leaders with bold ideas for tackling the risks reshaping the industry, while supporting them to build their professional expertise.

This year, applicants were challenged to draw on Lloyd’s legacy of innovation to address climate resilience and extreme weather or digital risk and AI-driven insurance innovation.

From a record number of candidates, the judging panel said Freyer stood out for his ability to frame a highly specialised risk as an opportunity with broad market appeal.

His proposal explores insurance as a potential enabler of project finance. The judges also praised his enthusiasm and engaging presentation, describing him as exactly the kind of forward-thinking talent the scholarship aims to support.

ANZIIF CEO Katrina Shanks said the scholarship gives emerging professionals an opportunity to develop new approaches to some of the industry’s most complex risks.

“Insurance has an important role to play in finding new ways to respond to emerging risks and unlock opportunities for businesses and communities. Will’s proposal demonstrates the kind of forward thinking this scholarship was created to encourage, and we look forward to supporting him as he develops his expertise and takes the idea further.”

Freyer, currently on the Allianz Graduate Program, will receive enrolment in ANZIIF’s Lloyd’s Demystified course and support towards an ANZIIF Diploma valued at up to $5,000 and a one-year Individual Insider membership with Insurtech Australia worth $462. An Insurtech Australia mentorship will help him develop his winning idea further.

He will also be invited to a day-in-the-life experience at the Lloyd’s Australia Sydney office, offering first-hand exposure to the Lloyd’s market and its approach to insurance and reinsurance innovation.

The Lloyd’s Australia Innovators Scholarship champions innovation in insurance while recognising future leaders and creative thinkers with the potential to help the industry respond to emerging risks across the region.

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Misha Schubert

The Super Members Council says the latest superannuation performance test data released by APRA today highlights the importance and urgency of expanding test coverage to include all platform products and tackle fee gaming that masks warning signals to Australians in underperforming options.

The Council has consistently supported a strong performance test that covers all savings-phase super products as a crucial protection for all Australians against underperformance.

“The performance test is doing what it was created to do: weed out underperforming super products and funds and ensure hard-working Australians super savings are working hard for them,” says the Council’s CEO Misha Schubert.

Yet, concerningly, around 47% of assets in APRA-regulated super funds – including many products on the newer super ‘platforms’ – are still not covered by the performance test, creating a gaping safety hole in consumer safeguards and transparency for millions of Australians.

“Right now, you’ve still got millions of consumers who are essentially flying blind, not knowing whether their super is meeting the performance benchmark that applies across the rest of the system.”

“That’s a giant hole in consumer safety — where your retirement savings are invested shouldn’t determine whether or not you’re protected by basic performance checks.”

These holes in test coverage are alarming when performance test data shows 42% of covered platform products by asset value only passed the performance test by less than 0.1%.

Persistent fee gaming can mask important safety signals to consumers that they are in a product that is not delivering them strong investment returns – and continues to occur despite APRA warnings last year.

These current gaps leave some members without clear, comparable performance information depending on where and how they invest their retirement savings – when every Australian deserves high standards of safety and transparency on the performance of their super.

The Council has also highlighted the need to strengthen the test’s integrity to end fee gaming risks.

Under the current settings, administration fees are assessed over the most recent 12 months, compared to a 10‑year horizon for investment performance. That mismatch opens the door to tactical fee gaming at year’s end which can mask the fact that a super product is delivering poor returns.

Overall, Australians in profit-to-member funds continued to see strong performance from their funds, with more than 60% of products by share of member accounts and assets outperforming the benchmark by 0.5% or more. Fewer than 5% of retail products by member accounts and assets achieved this.

For products in retirement phase, the Council backs the development of a bespoke retirement quality filter to ensure comparable consumer protections on performance.

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Phil Anderson

Phil Anderson, FAAA’s general manager, policy advocacy and standards, will be retiring on 27 November 2026 after over 30 years in the financial services industry, and much of the last twenty years dedicated to the financial advice profession.

Sarah Abood, chief executive officer of FAAA, thanked Phil Anderson for his dedication and service to the profession.

“Phil has made an outstanding contribution to the FAAA and to the financial advice profession that we serve. He has been absolutely tireless in shaping numerous important policy and standards outcomes, and building strong stakeholder relationships across government, media, and peak bodies as well as the broader profession.

“His leadership as CEO of the AFA was a key element in the successful merger of the AFA and FPA to create the FAAA. In his combined 13 years of service across both organisations, he has made a lasting positive impact for members.

“Phil has been a determined advocate for the financial advice profession for over 20 years, with senior roles in AMP, NAB, CFS, Netwealth and the AFA before the FAAA. In all that time he has consistently promoted the value of financial advice and has been a fierce supporter of financial advisers and planners and the important work they do for their clients.

“On behalf of the Board, Executive Team and staff, we thank Phil and wish him an extremely well-deserved relaxing time in retirement.”

Anderson said: “It has been a privilege to work alongside colleagues, members and stakeholders who are passionate about advancing the profession.

“Whilst we have faced a series of challenges along the way, from the FoFA reforms in 2011-12 through to the substantial announcements by the Minister last week, I am proud of what we have achieved together and look forward to following the FAAA’s ongoing success.

“Although I will be stepping back from full time work, I am intent on continuing to contribute to the advice profession and ensure that it continues to prosper.”

Anderson will retire at the conclusion of the FAAA Congress in November.

A recruitment process is underway for the role.

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Katrina Shanks

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced the launch of its new Industry Connect Series, a national event program designed to help insurance professionals stay informed on the code, regulatory and legislative developments shaping the sector in 2026 and beyond.

Delivered across five locations in October and November, Industry Connect will bring together professionals from across claims, broking, underwriting, risk, compliance, operations and customer service for a practical update on the key changes influencing the future of insurance.

The two-hour interactive sessions will combine expert-led industry intelligence with dedicated networking time, offering attendees an opportunity to strengthen their professional connections while gaining a clearer understanding of the issues likely to affect their roles, organisations and customers.

The program will feature updates on major industry code reviews currently underway across life insurance, insurance broking and general insurance, including a deeper discussion of the proposed General Insurance Code of Practice and the practical implications for insurers, brokers and insurance professionals.

ANZIIF is delighted to announce that Sparke Helmore Lawyers will join the event series to deliver a forward-looking update on the regulatory and legislative developments expected to influence insurance in 2026 and beyond, highlighting the emerging issues and reforms most relevant to today’s insurance professionals.

Katrina Shanks, CEO of ANZIIF said Industry Connect reflects ANZIIF’s role in supporting insurance professionals to navigate a period of continued change.

“Insurance professionals are operating in an increasingly complex environment, with code reviews, regulatory reform and legislative change creating new expectations for the sector. Industry Connect is designed to give professionals a clear, practical and timely understanding of the changes ahead, while also creating space for meaningful industry connection.”

Industry Connect Series dates:

• 8 October – Industry Connect VIC
• 15 October – Industry Connect NSW
• 27 October – Industry Connect QLD
• 29 October – Industry Connect WA
• 5 November-| Industry Connect SA

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Sarah Abood

In its submission^[1] to Treasury on Tranche 2 of the CGT and negative gearing legislation, the FAAA has pointed to a number of areas where the draft laws require further refinement.

The consultation covered the exposure draft legislation/instruments and explanatory materials for four exposure drafts – negative gearing exceptions (tranche 2), new residential dwellings, CGT adjustments (tranche 2), and the CGT apportioning method.

The FAAA’s recommendations include:

CGT and new residential dwellings

• Granny flats and secondary dwellings: The FAAA recommends that the Government allow new residential dwelling treatment for genuinely separate, income-producing secondary dwellings, even where not separately titled.
• Subdivisions: The FAAA recommends consideration of a threshold, above which the entire property would be treated as a new residential dwelling.
• Debt in mixed development scenarios: The FAAA recommends that the Government provide specific guidance, ideally with worked examples, on an acceptable methodology for apportioning debt and associated borrowing costs between a new residential dwelling and other dwellings on the same land where those dwellings are funded under a common or refinanced loan facility.
• Anti-avoidance rule: The FAAA recommends that the operation of subsection 5(10) be modified so that it only captures situations where the dominant purpose is to obtain a tax benefit.

CGT adjustments

• The FAAA notes that the detailed explanation of the new law spans a chain of gross-up and removal mechanisms, each requiring capital gains to be recalculated to strip out indexation or discount benefits obtained at a different level of a trust or AMIT structure before being re-applied at the level of an underlying individual member.
• It therefore asks the Government to commit to comprehensive ATO guidance, worked examples and calculation tools before this measure commences, and to consider a longer lead time before application, to allow the wealth management industry and the tax and advice professions to build the necessary systems and processes.

The FAAA also acknowledged that Government engaged constructively with the concerns raised in the FAAA’s June submission on the “widow’s tax” issue, and acted swiftly on them in this exposure draft and through the legislation passed last week.
———

Notes:
[1] https://faaa.au/wp-content/uploads/2026/08/20260821-FAAA-Submission-on-four-Tax-Papers-Package_Final.pdf

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The reforms follow the collapse of the Shield and First Guardian Master Funds, which affected almost 12,000 Australians and involved around $1 billion in retirement savings.

CA ANZ Group Executive Advocacy, Public and Government Affairs, Damian Ogden, said the reforms were a necessary response to recent failures in the financial services system.

“The Shield and First Guardian collapses demonstrate the devastating consequences when failures occur at several points across the financial services system,” Mr Ogden said.

“Consumers need effective protections before their retirement savings are transferred into unsuitable, high-risk or poorly governed investments.”

CA ANZ supports reforms aimed at strengthening protections for superannuation members, improving oversight of SMSFs, cracking down on harmful lead generation practices and lifting standards across investment products.

“Stopping harmful conduct at its earliest point is preferable to trying to compensate consumers after their savings have been lost. Any new rules should be clear, enforceable and focused on the business models and practices that create genuine consumer harm,” Mr Ogden said.

CA ANZ welcomed ongoing financial advice reforms, including the proposed New Class of Adviser, but said the framework should be expanded to allow appropriately qualified accountants to provide non-product financial advice.

“Accountants are often the first trusted professional Australians turn to when making important financial decisions,” Mr Ogden said.

“Expanding the new adviser framework to include accountants providing non-product financial advice would significantly improve access to affordable guidance while maintaining strong consumer protections.”

CA ANZ supports strengthening the Compensation Scheme of Last Resort (CSLR) but is concerned that most SMSFs will be required to contribute despite being ineligible to make a claim.

The CSLR acts as a safety net for consumers who are unable to recover compensation awarded through AFCA after a financial services provider fails.

“The funding arrangements must be transparent, sustainable and fair to both consumers and the sectors required to fund the scheme,” Mr Ogden said.

The package also includes reforms to the governance of managed investment schemes (MIS), including additional reporting requirements to ASIC. CA ANZ believes there is more to be done to regulate this important sector.

Mr Ogden said consultation on the package would be critical to ensuring the reforms achieve their objectives without creating unnecessary complexity.

“This is an extensive reform agenda. The consultation process will be essential to ensure the final legislation strengthens consumer protection, preserves access to quality advice and avoids unintended consequences,” he said.

“CA ANZ looks forward to being actively involved in the development of the legislation.”

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Misha Schubert

The Super Members Council has welcomed the Government’s announcement of an integrated package of consumer protection reforms to stop disasters like the Shield and First Guardian collapses, which cost 12,000 Australians more than $1.2 billion in retirement savings.

SMC said this package was “one of the most important consumer safety reforms in a decade, closing safety gaps and raising standards and accountability on those who manage Australians’ super.”

“A world-class system requires world-class safeguards for consumers. These reforms will go a long way to making all Australians’ super safer. We look forward to working with Government and Parliament to make them as strong as possible,” said SMC CEO Misha Schubert.

“The Government should be commended on its extensive consultation process following the high-profile collapses, in which lead-generation businesses used clickbait ads and cold calls to lure Australians out of safe, high-performing mainstream super funds and switched them into high-risk structures.”

SMC welcomed Wednesday’s commitments to:

• Tighten controls on lead generation practices that previously channelled consumers into risky super and investment products.
• Push ahead with the long-promised Delivering Better Financial Outcomes reforms to expand access to safe, affordable financial advice.
• Strengthen scrutiny and oversight of advice fees deducted from Australians’ super accounts.
• Strengthen obligations on super ‘platform’ funds.

On the overall package of reform, SMC CEO Misha Schubert said, “Every responsible leader right across the Parliament and the super and advice systems has a duty to the Shield and First Guardian victims to fix the safety gaps,” she said.

“Those disasters can’t be dismissed as the misconduct of a few bad actors. They exposed weaknesses in the safeguards framework that made the misconduct possible and lost people’s life savings.”

“However, the proposed changes to the Compensation Scheme of Last Resort fall short by unfairly shifting the costs of financial misconduct onto millions of everyday Australians with their retirement savings in safe, mainstream super funds who were not involved in the collapses.”

Lead generation

SMC said stopping harmful lead generation in super was one of the most crucial reforms.

While a total ban on lead generation would be the best approach, licensing lead generators and holding advice licensees to account for the conduct of lead generators is a step forward. Two of the lead generators involved in the Shield and first Guardian cases were licensed.

“Stronger controls are clearly needed when you look at how people exploited loopholes in the anti-hawking laws.” Ms Schubert said.

“We need to end clickbait advertising, engineered sales funnels that harvest people’s contact details, and call centres that lure Australians into high-risk arrangements.”

Delivering Better Financial Outcomes

SMC said it was pleasing to see the Government acknowledge that the long-promised financial advice reforms are an essential part of the consumer safety package.

“Super members ask every day, ‘Do I have enough to retire on?’ It’s a simple question that they expect their fund to be able to answer. The challenge is making that available at scale.

“This announcement gives Australians access to simple, trusted intra-fund advice in retirement, delivered by their own super fund, to help them make better decisions and reduce the likelihood they are driven into the hands of risky schemes and questionable actors.”

“A New Class of Adviser also has a role to play in expanding Australians’ access to advice via their own super fund, helping millions more people get the guidance they need, when they need it.”

Best Interest Duty

The Best Interest Duty is a critical member safeguard and can coexist with scaled advice. This crucial consumer protection should not be weakened or watered down.

Weakening the Best Interest Duty would expose members to exactly the kinds of harm these reforms are meant to prevent. It’s a consumer safeguard worth protecting.

Advice fees

SMC also welcomed stronger oversights of advice fee deductions from super accounts.

“Financial advice can help Australians build better retirements. But when advice fees are deducted directly from retirement savings, there must be strong and consistent controls to ensure those fees are always fair and reasonable, that people’s super isn’t eroded by large fees, and that the advice is always in the member’s best interests.”

“These reforms will empower regulators and lift obligations on trustees to ensure advice fees are value for money and restore confidence that retirement savings are being protected.”

Platform accountability

SMC said stronger obligations for super ‘platform’ products to hold them to the same high standards as mainstream super funds would help close long-standing inconsistencies in consumer protections.

“Australians deserve the same safety, accountability, and governance standards across the entire super system, wherever their super is invested.”

“We welcome new APRA powers to set sufficient capital requirements for some platform trustees, coupled with new ASIC powers to direct trustees to compensate members in a collapse.”

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Christine Cupitt

Working Australians are a step closer to getting the advice and support they need to make informed choices and build and protect their financial safety net.

The Council of Australian Life Insurers (CALI) welcomed the decision to proceed with introducing a New Class of Adviser for life insurers and APRA-regulated superannuation funds, alongside wider reforms to make advice simpler and more accessible.

CALI CEO Christine Cupitt said Wednesday’s National Press Club announcement by Assistant Treasurer and Minister for Financial Services Daniel Mulino was an important step towards closing Australia’s growing advice gap.

“Australians should be able to ask their life insurer a simple question and get a simple answer,” Ms Cupitt said.

“The New Class of Adviser will complement the vital work of professional financial advisers by giving Australians more choice about where and how they get help with straightforward questions.

Ms Cupitt said Australia’s life insurers are well placed to deliver the simple advice Australians have been asking for and the new class of adviser enables.

“After three years of promised action, the Government must give a clear timetable for the introduction of legislation as soon as possible,” she said.

“We commend Dr Mulino and the Government for listening to consumers, advisers, superannuation funds, and industry, and for moving these reforms forward.

“This is what delivering better financial outcomes looks like: more choice, more support, more consumer protections and stronger financial safety nets for working Australians.”

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Sarah Abood

Yesterday’s National Press Club address by Assistant Treasurer and Minister for Financial Services Daniel Mulino included welcome progress on the response to Shield and First Guardian, but further action is needed to enable more Australians to access advice, says Sarah Abood, CEO of the FAAA.

“We have seen the impact of disasters such as Shield and First Guardian on everyday Australians and we welcome the Government’s work to prevent such catastrophes happening again in the future.

“It is more critical than ever that Australians have access to comprehensive advice that is affordable and accessible, otherwise they will be more vulnerable to scams and fraud.

“While some of the reforms announced today by Minister Mulino will help achieve the stated aims, we are concerned that others may limit the ability of financial advisers to help Australians manage their finances and plan for their retirement,” Abood said.

Lead generation

“We welcome decisive action to crack down on unlicensed lead generation, however, we are concerned the proposed anti-hawking exemption changes could affect financial advisers’ ability to support clients and their families, particularly during critical life events.

“The Government’s further consultation on the anti-hawking changes must cover all reasonable contact between a financial adviser and clients and their families and other related parties, for example an external power of attorney. Professional to professional referrals and other genuine referrals must also be allowed.”

Superannuation and MISs

The FAAA supports the significant changes that will require superannuation fund trustees who are responsible for harm to fully compensate consumers at an earlier stage. This reduces compensation claims that flow through to the CSLR and ultimately fall on financial advisers.

“We encourage the Government to extend this approach to managed investments schemes as they have historically been at the centre of catastrophic collapses. The stronger governance requirements to be placed on MISs are critical to preventing future problems.”

CSLR

The FAAA is pleased the Minister has acknowledged the concerns it has continuously raised with him about the impact of ongoing levies on financial advisers, however at this stage he has not specified a figure for the 2026/27 special levy which is critical for members.

“We will continue to advocate to the government that financial advice should not pay more than $20 million in total CSLR levies and will work closely with the Minister to resolve this.”

The FAAA also welcomes the removal of the ‘but-for’ compensation model, however continues to call for AFCA being able to consider complaints about the management of a super fund or scheme ‘as a whole’ to improve the sustainability of the CSLR.

“Basing CSLR compensation on actual losses is a decision we’ve pushed for consistently, so we are pleased the Minister has heeded this.”

Delivering Better Financial Outcomes (DBFO) reforms

“Improving access to simple, affordable advice is essential to help Australians understand complex financial products and make informed decisions. As such, we are disappointed that the new class of adviser (NCA) will be limited to select large institutions. Consumers need choice in how they access this simpler, lower-cost form of advice. It should be an option for financial advice practices to allow them to help more Australians. The FAAA will hold the government to account on its commitment to ensure the NCA does not encroach on the type of work financial advisers do.

“We welcome the Minister’s scaled advice changes and ongoing commitment to prioritise reform of new financial adviser education standards.

“There are also a number of proposals from the consultation process that haven’t yet been addressed, including preventing phoenixing, however there are others that we welcome the Government not proceeding with such as delaying super switching and banning advice fees for switching super funds.

“We thank the Minister, his office and Treasury for their engagement,” Abood says.

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Maria Lykouras

The Stockbrokers and Investment Advisers Association (SIAA) has launched the Developing Adviser Resource Toolkit (DART), a new AI-powered professional development resource designed to help early-career advisers build the practical skills, confidence and professional judgement needed for a successful career in investment advice.

The launch comes at a critical time for the profession, with recent industry research forecasting adviser numbers could fall to fewer than 15,000 by 2030 despite growing consumer demand for financial advice^[1]. New entrants to the profession face increasingly complex regulatory, technical and professional requirements, reinforcing the need for practical support and development opportunities early in their careers.

SIAA Chief Executive Officer Maria Lykouras said supporting the next generation of advisers was critical to the future of Australia’s investment advice profession.

“The future of Australia’s investment advice profession depends on attracting, developing and supporting emerging advisers,” Ms Lykouras said.

“While formal education provides an important foundation, developing advisers also need opportunities to apply their knowledge and gain experience in realistic professional scenarios.”

While designed to support developing advisers, DART will also benefit professionals transitioning into financial advice from other careers. By combining practical learning resources with AI-powered simulations, the toolkit helps career changers accelerate their understanding of the advice process, practise client interactions and build confidence in delivering advice, while drawing on the professional skills and experience they already bring to the role.

“DART is not only for those starting their careers. It’s also designed to support professionals entering financial advice from other fields, helping them apply their existing experience while accelerating their development as advisers,” Ms Lykouras said.

Developed by SIAA in consultation with industry stakeholders including compliance leaders, training managers and heads of advice, DART provides practical resources, guidance and skills development for advisers undertaking their Professional Year and those in the early stages of their investment advice careers.

The toolkit combines educational resources with innovative AI-powered learning experiences, helping emerging advisers build confidence and capability in a safe learning environment.

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