'It's been hell for a lot of advisers': FPA CEO aims up on regulation in industry

Sarah Abood joined the latest episode of the ifa Show following her appointment to the FPA last year, where she discussed a number of issues within the advice industry, including the heavy compliance and regulatory reforms in recent years.

“The last several years have been... I mean, there's no beating about the bush, it's been hell for a lot of financial advisers in their businesses, and the industry has had to change so much,” Ms Abood said.

Ms Abood said while many of the changes have hurt advisers and their businesses, she believes the opportunities moving forward is what is most exciting for the sector.

“The changes that have been made, albeit extremely painfully for many, I think they're starting to be really recognised now by consumers and also by regulators, and we're starting to feel like we've fought our way through the jungle and and we now have some opportunities to move forward with consumers who really value what we do and with regulators who are listening now,” she said.

“They're listening to some of the challenges and problems that the outcomes of the Royal Commission threw up, and they're willing to hear us, and they're willing to work with us.

“For me, that's that means this profession has an incredibly bright future, and I'm just really excited to be part of that.”

On Wednesday (2 March), the FPA called for reduced complexity in legislation and more support for financial advisers in its submission to the Australian Law Reform Commission’s (ALRC) Review of the Legislative Framework for Corporations and Financial Services Regulation.

Listen to the full episode with Ms Abood here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.