The FAAA welcomes the opportunity to provide the following feedback to Treasury’s review of the tax
and corporate whistleblowing regimes.

In its submission to Treasury on tax and corporate whistleblowing, the FAAA has put forward four key recommendations:

1. The corporate and tax whistleblower regimes should recognise the role of AUSTRAC and make clear how the AML/CTF regime interacts with the whistleblowing requirements and protections
2. Individuals and entities who disclose information in good faith to professional bodies should have access to whistleblower protections.
3. Professional bodies who receive information from whistleblowers in good faith and pass the information onto a relevant legal authority or government agency, should be afforded third party whistleblower protection.
4. The whistleblower regimes should permit regulators and government agencies to share information with TPB recognised professional bodies and ASIC prescribed associations.

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Sarah Abood

The FAAA has unveiled the program for its flagship Congress 2026, bringing together leading voices in technology, financial advice, business leadership, and professional practice for three days of learning and collaboration.

To be held from 24 to 26 November at the Melbourne Convention and Exhibition Centre, the FAAA Congress will unpack the theme “Explore”, aiming to equip financial advisers with practical strategies, technical expertise and fresh thinking to help navigate an evolving advice profession.

FAAA CEO Sarah Abood said this year’s program had been built around the issues shaping the future of financial advice.

“Congress is where Australia’s advice profession comes together to explore what’s next. Whether it’s technology, regulation, business strategy or client engagement, every session has been designed to provide practical insights advisers can take back into their businesses.

“Our profession continues to evolve at pace. Congress gives advisers the opportunity to hear from industry leaders, challenge their thinking, learn from their peers and leave better equipped for the opportunities ahead.

“Just as importantly, Congress provides the chance to reconnect with colleagues from across Australia. Those conversations and shared experiences are one of the things that make this event so valuable each year”, said Abood.

The program features five keynote plenary sessions alongside specialist workshops and more than 20 technical breakout sessions across four learning streams – Develop, Strategise, Navigate and Expand – covering everything from regulation and compliance through to business growth, client relationships and practice innovation.

Key sessions include:

• Dr Jordan Nguyen, internationally recognised inventor and engineer, opening Congress with a keynote exploring how curiosity, innovation and emerging technologies are reshaping what’s possible
• The FAAA leadership team, including David Sharpe CFP, Michelle Veitch CFP, Sarah Abood, Phil Anderson and Andrea Forbes, providing delegates with an update on the evolving regulatory landscape and the future direction of the profession
• Four specialist workshops focused on sustainable business success, commercial realities for advice firms and collaborative idea sharing
• A closing keynote featuring trailblazing Melbourne Cup-winning jockey Michelle Payne, in conversation with Emmy Award-winning journalist Sara James, sharing lessons in resilience, leadership and achieving success against the odds. 

Congress will also feature extensive networking opportunities, technical workshops and CPD-accredited sessions, providing advisers with practical tools to strengthen their businesses and better serve clients.

On the final evening of Congress at the gala dinner, the FAAA will recognise and celebrate the best in financial advice with the FAAA Awards.

Early bird registrations are now open, with discounted pricing available until 30 September. FAAA members can register for $1,305 while non-members can attend for $2,695.

For more information and to register, visit the FAAA Congress 2026 – Financial Advice Association Australia

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Sarah Abood

The FAAA is particularly concerned by the significant increase in the ASIC Funding Levy for the 2025/56 financial year, up 27%. This, along with the recently announced CSLR special levy, will have a very significant cost impact on the financial advice profession.

Government levies could reach well over $5,000 per adviser this year. This is based upon $3,037 for the ASIC funding levy for 2025/26, plus the CSLR annual levy and an allocation for the FY27 CSLR special levy (totalling $170.3 million). We do not yet know how the special levy will be allocated. However, if the waterfall model proposed in the most recent CSLR consultation were to be used, advisers could pay an additional $20 million this financial year (on top of the $20 million base levy already paid). With just over 15,000 advisers currently, that would be another $1,300 per adviser this year – on top of the $1,312 each adviser has already paid for the sector cap.

This is a crippling cost imposed on a sector that is almost entirely made up of small businesses. It underscores the critical importance of the Government taking action to address the sustainability of the CSLR and to reduce these levies.

The most significant driver of this year’s 27% increase in the ASIC Funding Levy is higher enforcement costs. However, the information provided by ASIC has no meaningful explanation of the reasons for this increase or where the $24 million cost of enforcement was spent.

This increased ASIC Funding Levy is against a backdrop of record levels of fines awarded by the courts with respect to cases brought by ASIC – over $800 million. The FAAA continues to argue that the fines collected as a result of ASIC’s pursuit of wrongdoers should be used to offset the ASIC Funding Levy and the CSLR Levy. It is unreasonable for the financial advice profession to fund this enforcement activity, when all fines are paid straight to Consolidated Revenue for the benefit of the Government.

We repeat our previous calls for improved transparency from ASIC on how it allocates costs, and for Treasury’s recommendations for changes to the ASIC Industry Funding Model – handed down in June 2023 – to be implemented.

By Sarah Abood, CEO

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Michelle Veitch

Michelle Veitch CFP® has been appointed as chair-elect at the Financial Advice Association Australia (FAAA) and will become chair of the FAAA Board following the 2026 Annual General Meeting in November 2026, succeeding current chair David Sharpe CFP® whose term ends at the AGM.

Veitch has served as deputy chair of the FAAA Board since the formation of the association in April 2023 and was vice president of the AFA prior to the merger between the AFA and the FPA. She has over 25 years of experience in financial advice and was one of the founding principals, and managing director, of her South Australian based practice, Mybluesky.  After finalising a significant business transaction in early 2025, Veitch now holds the position of general manager advice (SA) for PSK Private Wealth while also continuing to work directly with clients as a senior financial adviser.

Welcoming Veitch to the role, FAAA chief executive officer Sarah Abood said: “Michelle brings deep experience, excellent judgement and a strong connection to the profession through her ongoing work with clients. She has played an important leadership role within the Association and the broader financial advice profession for many years.

“I look forward to working closely with her as we continue to grow the profession, advocate for better outcomes for members and consumers, and ensure more Australians can access great financial advice.”

Veitch said she was optimistic about the future of the profession and the role the FAAA can play in supporting members.

“I am passionate about helping our profession thrive. I want to see an exciting new era for financial advice – one where advisers feel secure about the future, businesses can grow with confidence, talented people are eager to join our profession, and more Australians can access the advice they need.

“When I assume the role of chair in November, my focus will be on continuing to deliver the FAAA’s strategic priorities to 2030, keeping the Association relevant in a rapidly changing environment, and bringing stakeholders together to build a stronger future for our members and the profession.”

Abood also thanked Sharpe for his enormous contribution to the Association and profession to date.

“David has led the FAAA through a formative period in its history and has been a passionate advocate for members and the profession. In addition to the last three years as chair of the FAAA, David served seven years on the FPA Board, including as the FPA chair from May 2022, and will have reached the end of his maximum 10-year tenure as a director by the AGM in November.

“On behalf of the Board, management and our members, I would like to thank him for his leadership, commitment and tireless work on behalf of financial advisers and their clients across Australia.”

Reflecting on his time as chair, Sharpe said he is proud of the progress made since the formation of the FAAA over three years ago.

“I am most proud of how quickly and seamlessly the FAAA has formed its own identity and unified the membership. Our members are clear that their FAAA is here to represent their interests,” he said.

Sharpe said significant work remained, particularly in relation to the Compensation Scheme of Last Resort (CSLR) and supporting the growth of the profession.

“The job isn’t complete. We are well aware of the challenge CSLR still poses. In my remaining time as chair of the FAAA, CSLR, along with the initial steps of regrowing numbers in our profession, remain the core focus and those challenges will continue to drive me over the next four months.”

Sharpe expressed confidence in the future leadership of the Association.

“Whilst I am under no illusions about what can be achieved by November, I am thankful that the custody of FAAA’s chair role will pass to Michelle who I know is both passionate and eminently qualified to continue representing FAAA members and to take on these challenges and more.”

He also thanked the Association’s members for their support.

“Lastly, I want to thank the almost 11,000 FAAA members for the work they do every day helping Australians build a better financial future. I am grateful for the countless messages of personal support I have received from many members over my four years as chair.”

The appointment follows a Board election process that confirmed Veitch as chair-elect. She will continue to serve as deputy chair until the 2026 AGM and then assume the role of chair through to the 2028 AGM.

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Phil Anderson

The Financial Advice Association Australia (FAAA) has lodged a submission to the Productivity Commission’s inquiry into reducing barriers to business dynamism in Australia.

In the submission, General Manager Policy, Advocacy and Standards Phil Anderson, outlined the association’s perspective on the issues under review and the importance of balancing business reform with the unique responsibilities of the financial advice profession.

Read the submission.

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Sarah Abood

On Friday 22 May 2026, the FAAA provided the following three submissions to Treasury in response to the Government’s consultation on the CSLR and Shield and First Guardian:

• Compensation Scheme of Last Resort (CSLR): Reform options to support ongoing sustainability
• Enhancing member protections in the superannuation system
• 20260522-FAAA-Submission-on-Curbing-lead-generation-activity.pdf

We welcome consultation by the Government to address issues with the sustainability of the CSLR, and to fix any issues in the regulatory regime that contributed to the Shield and First Guardian collapses. We have welcomed a number of these proposals, including the removal of the ‘but-for’ test for CSLR payments and better enabling recoveries from corporate groups. We are also supportive of reforms to provide consumers with better protection in the context of predatory lead generation activity.

We have however called out a few key issues that any reforms need to address:

• As a small business sector, financial advice should not pay more than the $20m base annual CSLR levy.
• The AFCA Rules need to change to better allow consumers to make complaints about MISs and super funds, and to allow the apportionment of loss to other contributing entities.
• There is no basis for banning advice fees from super accounts for switching advice; this would be a huge problem for consumers as well as competition and costs in the superannuation sector.
• The current exemption from the anti-hawking laws for financial advisers is essential to enable them to contact their clients in time of need and should not be removed; we think the other measures proposed are more likely to be effective.

We will continue to work closely with the Government and other stakeholders as these reform proposals are assessed and progressed. This remains a high priority for the FAAA and we will keep members updated as this progresses.

If you have any questions with respect to these consultations or our submissions, then please contact the FAAA on policy@faaa.au.

Sarah Abood, FAAA Chief Executive Officer

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Sarah Abood

“The breadth of this Federal Budget, and the aims of Treasurer Jim Chalmers, are complex and wide-ranging, and its impact on Australians is likely to be substantial. There is no doubt that Australians who have access to quality, professional financial advice will be significantly better placed to navigate these changes than unadvised Australians.

“We welcome the exclusion of superannuation from CGT changes and the commitment to strengthen regulatory oversight and governance of Managed Investment Schemes, however, the multiplicity of changes to taxes, the NDIS, aged care and health insurance rebates will require careful analysis and planning.

“In particular, the changes to the capital gains tax (CGT) discount and inclusion of pre-1985 assets, limits on negative gearing, and the introduction of a minimum tax on discretionary trusts, will all impact long-standing financial plans and create additional complexity.

“Australians will need access to professional financial advice to navigate these changes. We are concerned that unadvised Australians will be more vulnerable to scams, fraud and unlicensed “finfluencers” as they seek to navigate the most wide-ranging reforms in over a decade.

“Our Pre-Budget submission outlined measures that will increase access to advice and improve affordability and we will closely examine Budget measures aimed at improving access to widely held ATO data.

“While we welcome the Government’s commitment to streamlining regulatory requirements including finance sector regulation, we encourage it to broaden its focus by reducing the red tape faced by financial advice businesses, which is a significant burden particularly for small business practices, and drives up the cost of advice for consumers.

“We urge the Government to act decisively and urgently to implement further changes to make it cheaper and easier to provide professional advice, which ultimately leaves Australians better off and more resilient.”

Sarah Abood, CEO

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Phil Anderson

The FAAA has launched updated customer identification forms to help advisers meet the most significant changes to the Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) regime in nearly twenty years.

The forms were developed in conjunction with the FSC to assist AFS licensees, financial advisers and product providers in meeting their legal customer identification obligations under the Initial Customer Due Diligence (ICDD) reforms, and under the previous Applicable Customer Identification Procedures (ACIP) requirements for those still transitioning to the new AML/CTF standards.

Phil Anderson, general manager – policy, advocacy and standards at the FAAA, says the new FAAA/FSC customer ID forms, which are free for FAAA and FSC members, are an invaluable tool to help advisers standardise and manage their AML/CTF obligations.

“The FAAA and FSC, and our respective member working groups, have worked tirelessly to ensure these ID forms will assist all users to understand the customer identification requirements, and implement the reforms in a manner that standardises the process for advice businesses, product providers and clients.

“A standardised approach is essential to promote operational efficiencies for advice businesses, particularly as advisers frequently conduct customer identification checks that are relied upon by multiple product providers. This consistency helps to reduce unnecessary inconvenience for clients, ensuring a smoother and more streamlined process for all parties involved.

“The forms are complementary with FAAA SafeID which has been designed to align with the new customer identification forms to extend this standardised approach to the digital format,” Anderson says.

FAAA SafeID, introduced late last year, is a digital client identification solution for advisers to identify and verify their clients, and run instant politically exposed person (PEP) and sanctions checks, to meet the mandatory AML/CTF obligations.

The first tranche of AML/CTF reforms were introduced on 31 March 2026 as a new framework requiring entities to identify and mitigate their money laundering and terrorism financing risk. The AML/CTF obligations apply to all AFS licensees.

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The FAAA has made recommendations on the appropriate wording for the three occupations of ‘financial adviser’.

In its submission to the Australian Bureau of Statistics on updating the standard classification of occupations, the FAAA has made recommendations on the appropriate wording for the three occupations of ‘financial adviser’, to help avoid confusion and inaccurate data used for informing critical government policy decisions.

It says:

“We welcome the change from the ANZSCO to the OSCA in 2024, which included an update to the occupation of ‘financial adviser’ (2121) to more closely reflect the current legal requirements to practice in the profession. We would encourage all government departments to adopt the OSCA as soon as possible to ensure consistency in the data sets that inform policy decisions.

However, we have the following concerns about the current OSCA occupations of ‘financial adviser’ (2121) and ‘financial adviser’ (212131). The descriptions for these occupations do not:

• separately identify different types of financial advisers that can be licenced under the Corporations Act, or
• accurately describe the skill level for financial advisers to be legally licensed.”

Read the full submission.

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