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.”

The post FAAA welcomes Government action on financial abuse appeared first on AdviserVoice.

The Congress, being held in Melbourne from 24 to 26 November, will have the theme ‘Explore’, reflecting the FAAA’s commitment to equipping financial advisers with practical strategies, technical expertise, and fresh thinking to navigate an evolving profession.

Currently, FAAA member tickets are $1,305 and non-member tickets are $2,695. Once early bird registration closes full price members are $1,650 and non-member tickets are $2,995.

The Congress features an impressive keynote line-up, with internationally recognised investor and engineer Dr Jordan Nguyen opening the event to explore how curiosity, innovation, and emerging technologies are reshaping what’s possible. The Congress will close with 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.

FAAA chair David Sharpe says Congress is the highlight of the FAAA’s calendar and the place where Australia’s advice profession comes together.

“The early pricing represents a significant saving, and I strongly encourage those planning to attend to purchase their tickets before 30 September,” Sharpe says.

“This year’s program has been carefully curated to cover the issues shaping the future of financial advice. From regulation and compliance through to business growth and practice innovation, every session is designed to provide practical insights advisers can take back into their business.”

Sharpe says the Congress provides more than just education.

“Advisers will hear from industry leaders on developments in the profession, have their thinking challenged, and learn from their peers. There are excellent networking opportunities throughout the three days, including the CPD-accredited sessions and technical workshops, as well as the FAAA Awards Gala Dinner on the final evening where we celebrate excellence in the profession.”

The program features keynote speakers, specialist workshops, and more than 20 technical breakout sessions across four learning streams, Develop, Strategies, Navigate, and Expand, ensuring there’s something for every adviser, regardless of their experience level or focus area.

Read more details and how to register for the FAAA Congress 2026.

The post Early bird pricing closing soon for FAAA Congress 2026 appeared first on AdviserVoice.

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.

The post FAAA announces the upcoming retirement of general manager, policy, advocacy and standards – Phil Anderson appeared first on AdviserVoice.

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

The post FAAA submission: Capital Gains Tax and Negative Gearing – Tranche 2 Legislation appeared first on AdviserVoice.

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.

The post FAAA welcomes progress on Shield and First Guardian response, but detail is critical appeared first on AdviserVoice.

Sarah Abood

The FAAA is concerned about the potential broader consequences of the Government’s plans for the minimum tax on discretionary trusts, seeking to “…highlight the potential significant implications of this proposal and long running unintended consequences that will likely emerge for many thousands of businesses in the future.”

In its submission to Treasury, the FAAA has made seven key recommendations:

• Consider better alternatives to a complete disallowance of tax credits for corporate beneficiaries. (For example, allowing corporate beneficiaries to benefit from tax credits in a similar way to other beneficiaries).
• Extend the exemptions available to farmers, to other businesses where intergenerational transfer of control is best facilitated via a discretionary trust.
• Extend the rollover relief transition period from three years to five years.
• Enable an exemption from the minimum tax to those entities that are in the process of restructuring during the transition period.
• Federal Government to coordinate with State Governments to provide stamp duty relief as part of the rollover relief arrangements.
• Greater flexibility to be provided in the rollover relief arrangements.
• Other alternatives to be considered to obtain the tax outcome policy objectives.

Read the full submission.

The post FAAA submission: “long running unintended consequences” of proposed changes to minimum tax on discretionary trusts appeared first on AdviserVoice.

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.

The post FAAA submission on whistleblower protections appeared first on AdviserVoice.

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

The post FAAA unveils Congress 2026 program and opens early bird registrations appeared first on AdviserVoice.

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

The post FAAA Statement on ASIC Funding Levy  appeared first on AdviserVoice.

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.

The post Michelle Veitch CFP® named as FAAA’s incoming chair appeared first on AdviserVoice.