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

The post FAAA submissions on CSLR and Shield and First Guardian appeared first on AdviserVoice.

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

The post Access to financial advice critical to navigating Budget appeared first on AdviserVoice.

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.

The post FAAA introduces new customer ID forms to help advisers navigate AML/CTF reforms appeared first on AdviserVoice.

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.

The post FAAA submission on the Occupation Standard Classification for the ABS appeared first on AdviserVoice.

Sarah Abood

The FAAA welcomes yesterday’s release of three consultation papers on consumer protection and the Compensation Scheme of Last Resort (CSLR) by Minister Mulino.

Sarah Abood, CEO of the FAAA, says: “Preventing future collapses and improving the sustainability and fairness of the CSLR are critical issues for financial advisers, victims of misconduct. and consumers more broadly. We will carefully review the Government’s proposals in coming weeks and we will be engaging with our members on our responses.

“In the current system, a declining number of financial advisers are paying the largest share of the CSLR levy despite having nothing to do with the misconduct that gave rise to the need for consumer compensation.

“Bi-partisan support for proportionate, effective reforms that help victims, prevent misconduct and hold those responsible accountable, is crucial for investor confidence and market efficiency. We will work constructively across the Parliament to help ensure this is the case.”

The post FAAA welcomes consultation on CSLR appeared first on AdviserVoice.

David Sharpe

In the three years since the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) merged to become the Financial Advice Association Australia (FAAA), the FAAA has become the unified voice speaking for professional advisers in Australia, says FAAA Chair David Sharpe.

“This Friday (3 April 2026) marks the three-year anniversary of the FAAA, formed with the overwhelming support and votes of members of both heritage organisations. Together, we now have 10,799 members, and the future of the profession is bright,” Sharpe says.

“What  I am most proud of is that the FAAA saw the coming together at the board, management and most importantly at the member level like we had always been one.

“The FAAA very quickly formed its own identity with members. Our communities have come together and created grassroots events and connections for members right across the country.

“The release of the 2030 Strategic vision and the Policy Platform at Congress 2024 consolidated what the FAAA stands for and what it hopes to achieve.

“With considerable challenges such as CSLR and confusion over AML – the benefit of a professional voice speaking for our members has never been more important,” Sharpe says.

Some key milestones for the FAAA since the merger include:

• The launch of the Advice Academy in November 2025 to help build and support a pipeline of new advisers entering the financial advice profession
• The announcement by the ATO in September 2024, after consistent lobbying from the FAAA, that greater deductions for upfront financial advice fees are now available
• The launch of the Advice Ambassadors program in February 2025, aiming to pair each member of parliament with a financial adviser in their electorate, ensuring their awareness of our issues and the value we add to local communities.
• The signing of a memorandum of understanding in November 2024 with FPSB India, a subsidiary of the Financial Planning Standards Board (FPSB), and the FAAA, to promote cross-border mobility and professional development for CERTIFIED FINANCIAL PLANNER (CFP) aspirants and professionals.
• The November 2024 launch of a major consumer digital marketing campaign, promoting professional financial advice to consumers and explaining the value of obtaining advice from a member of the FAAA
• The September 2024 launch of an upgraded Find a Planner tool to help members connect with their ideal potential clients and grow their businesses
• The launch of the FAAA careers centre in June 2024 which features advice related roles at all stages, and which is actively promoted to student members and graduate members seeking employment in advisory firms.

Marisa Broome, FPA chair from October 2018 until May 2022, said the goal was to present a strong unified voice to stakeholders, and this has been achieved.

“It was very evident to then FPA CEO Dante de Gori, and me, that when the AFA and FPA joined together to meet with our politicians and regulators, we had a far greater impact,” Broome says.

“The AFA and the FPA were more similar than different – and in fact shared well over 1,000 members.  It made sense to join resources and be able to represent the majority of the professional financial advice sector.

“It was fortunate that our work with previous AFA presidents had built a lot of trust.  The openminded approach of then AFA president Sam Perera, and the trust we continued to build, provided the opportunity for the merger to be presented to the AFA and FPA boards.”

Sam Perera, AFA president from October 2021 until the time of the merger, said the AFA pursued the merger to ensure the success and longevity of the 77-year-old Association against the backdrop of a profession that desperately needed a strong, unified voice.

“We were convinced that coming together as the FAAA would enable us to be better resourced, more sophisticated, and a respected voice for the profession,” Perera says.

“It is clear that the FAAA has indeed risen to be the legitimate voice for the profession, advocating relentlessly for policy settings that enable financial advisers and their practices to thrive.

“Another important measure of success was our Association’s ability to keep members at the heart of everything it pursues. To that end, I congratulate David Sharpe, the FAAA Board and FAAA CEO Sarah Abood for their tireless work in translating the vision we had in 2023 into a reality.”

Sharpe also paid tribute to board members who recently stepped off the transitional FAAA board: Patricia Garcia and Katherine Hayes.

“The creation of the transitional FAAA board following the merger, comprising eight directors from the FPA and four from the AFA, and tasked with overseeing the transition and guiding the new association for three years, was extremely successful. I thank Patricia and Katherine for their service to the profession and their activity on the board over the past three years.”

FAAA CEO, Sarah Abood says the one constant for the financial advice profession is legislative change.

“The overwhelming vote to merge the two associations was a strong endorsement, with almost 97 per cent of members who voted, across both heritage associations, having voted to come together. It was a clear message that financial advisers wanted a unified membership body to represent them, support them and to navigate the ongoing legislative and regulatory change that faces the profession.

“While the FAAA has achieved much over the past three years, there is still work to be done and the policy and advocacy team’s work is continuing apace.”

“We are proud to represent professional financial advisers and the great work our members do every day, helping Australians become better off financially and achieve their goals and dreams.”

The post FAAA marks three years since merger appeared first on AdviserVoice.

Phil Anderson

The FAAA is surveying members to gain up-to-date information on the impact of CSLR levies on their practices. 

“The FAAA has always been supportive of a scheme to compensate the victims of financial misconduct, however we have long said that the current scheme is unsustainable and needs to be fixed,” says Phil Anderson, general manager – policy, advocacy and standards at the FAAA.

“In particular, the burden should not fall unfairly on financial advisers who have done nothing wrong. 

“The survey will inform the FAAA’s recommendations to the next round of Government consultations on the sustainability of the CSLR funding model.” 

Members are also being asked for their views on where the Government should focus to improve the sustainability of the CSLR. 

Anderson says the FAAA is continuing its advocacy to fix the CSLR, and appreciates the engagement of Government, the Opposition and crossbench, as well as industry and consumer groups.  

“This survey will support the discussion on the sustainability of the CSLR, which we believe is in the best interests of the advice profession and of all Australians,” Anderson says. 

The post FAAA surveying members on the impact of CSLR levies  appeared first on AdviserVoice.

Sarah Abood

The FAAA is urging Jobs and Skills Australia to include ‘financial advisers’ and ‘paraplanners’ on the 2026 Occupation Shortage List due to the long training gap for new entrants and the high consumer demand for financial advice.

Attached is its submission to the consultation on the 2026 Occupation Shortage List Stakeholder Survey. In the submission, the FAAA gives evidence of the skills shortage in financial advice and the ‘long training gap’ and legislated education and ‘Professional Year’ requirements, which create a four-year structural lag in workforce supply, at a time when demand for financial advice is increasing.

Read the full submission.

The post FAAA calls for ‘financial advisers’ and ‘paraplanners’ inclusion on Occupation Shortage List appeared first on AdviserVoice.

Sarah Abood

The Financial Advice Association of Australia (FAAA) welcomes the Government’s consultation on adviser education reforms, which it says are key to growing the number of high quality professional financial advisers.

“We know there is a large, and growing, advice gap in Australia. In the last seven years the number of financial advisers has almost halved, while at the same time, demand for financial advice has skyrocketed,” says Sarah Abood, CEO of the FAAA.

From a high of almost 29,000 financial advisers at the start of 2019, numbers have reduced to 15,127 as at 12 March 2026 – a fall of almost 48 per cent. In its 2025 Financial Advice Report, Investment Trends has found that a massive 15.9 million Australians have unmet advice needs, and 1.3 million are planning to see an adviser in the next two years.

“Only 464 current financial advisers entered the profession during 2025. Clearly we need to substantially increase the number of new entrants, and one of the key barriers has been the current inflexible and highly prescriptive tertiary degree requirements. The numbers enrolling in these degrees have been low, and six qualifying courses were discontinued last year for this reason,” says Abood.

“Along with our JAWG partners, the FAAA has long advocated for more flexible degree pathways including recognising more relevant studies that may have been undertaken in related degrees.

“We are very pleased to see the Government has heard these concerns and is acting, with its consultation announced today on Education Reform for Financial Advisers. On behalf of our members, we will be carefully reviewing these proposals to ensure they achieve the goal of opening up more flexible degree pathways for new entrants, while maintaining high standards for financial advice education.

“Importantly, existing courses will continue to be relevant, and current students can be confident that these degrees will qualify them to enter the profession in the future.

“Financial advice is a critical profession that changes lives for the better: improving retirement outcomes, financial resilience and long-term well-being. In conjunction with our Career Changers digital campaign and Advice Academy initiative, we’ll continue to support people from all walks of life to become advisers and help meet growing consumer demand for high quality financial advice.”

The post Adviser education reforms vital to help close advice gap appeared first on AdviserVoice.

Sarah Abood

Early bird tickets to the Financial Advice Association Australia’s (FAAA) 2026 roadshow are now available. The roadshows will take place across Australia, visiting six cities during April and May.

FAAA CEO Sarah Abood, general manager of policy, advocacy & standards Phil Anderson, and chair David Sharpe CFP® will provide updates on the FAAA’s activities and priorities.

The keynote speaker is Jacqui Cooper OAM, Australia’s most decorated aerial skier. A five-time Winter Olympian, World Champion, and one of the most successful aerial skiers in the history of the sport, Cooper has spent over two decades quite literally defying gravity. Her session will be a masterclass in resilience, reinvention, and relentless self-belief.

Other key sessions include:

• Business Efficiency: Beyond AI Filenotes – Unlock the next wave of efficiency in financial advice: In this collaborative session we will hear from three tech providers who have come together to solve for developing efficiencies in the advice process. They will discuss where tech is now and how advice firms are maximising automation today. This session is tech tool agnostic, and will provide advisers with practical ways to enhance the client experience and scale their advice offering.

• Advising with Confidence – Working Through Ethical Conflict: In this adviser-led interactive 60-minute session, advisers will practise recognising conflicts and working methodically through grey areas. Attendees will walk away with a practical framework to use when next faced with a complex, ethically challenging client situation.

• Hear from award-winning advisers. At each Roadshow session, an FAAA award-winning adviser will share their insights, their path to success and what makes their business and practice unique.

Abood says Roadshow helps create meaningful opportunities to connect with industry peers.

“We’re bringing people together from across the profession to unpack what’s happening, share practical experience and have honest conversations about the realities of advice today,” Abood says.

“With regulatory settings and client expectations continuing to evolve, these events create a practical and engaging opportunity to remain connected and confident in our industry.

“Our program has been carefully curated by advisers, for advisers. That means the discussions are grounded, relevant and useful for advisers and their staff, generating practical takeaways that can be integrated quickly into their practice.”

The roadshow will visit:

• Brisbane – 28 April

• Canberra – 30 April

• Melbourne – 5 May

• Sydney – 7 May

• Adelaide – 13 May

• Perth – 15 May

Early bird tickets are $149 for members (including GST) and for non-members $299 (including GST).  Bookings of two or more people by FAAA members receive a further 10 per cent discount on all tickets. Up to 4.25 CPD hours are available to attendees. Tickets are now available via https://faaa.au/roadshow/

The post FAAA roadshow heads to six Australian cities in 2026  appeared first on AdviserVoice.