Stuart Robert slams Stephen Jones’ delay in addressing QAR’s findings, backs self-regulation of advisers

Speaking at the AIA Adviser Summit, Stuart Robert, the shadow assistant treasurer and shadow minister for financial services, took issue with the Financial Services Minister’s delay in addressing the QAR’s findings. Mr Robert pointed out that despite receiving the final report in mid-December 2022, Mr Jones has only announced a “review of the review” thus far.

During his address, Mr Robert made it clear that he believes Jones’ actions are inadequate. He slammed Jones for failing to take action on the QAR’s recommendations in a timely manner and suggested that the delay could have serious consequences for the financial services industry.

Moreover, Mr Robert encouraged the government to implement the QAR final report in full and said the opposition would vote in favour of legislating all the recommendations to boost access to advice.

“The government is indicating that it’s possibly looking for quick wins, that’s a pretty standard word that government ministers use to cherry-pick, but if you cherry-pick, you don’t get the power of the whole, you get the minutiae of the minimum,” Mr Robert said.

Assessing that the profession is now at a point where it is “well and truly” able to stand alongside other professions, he argued that the government should not only implement the full QAR report but also overhaul the education standards and allow the industry to “self-regulate”.

“The profession should be allowed to manage its own educational standards without recourse to government. That would be particularly helpful.”

The challenge however, he said, is that the government is being “held hostage” by “numerous consumer advocacy groups”.

“[These groups] believe all advisers are somehow in it for themselves, which couldn’t be further from the truth,” Mr Robert said.

He also shared that the opposition would support the new Financial Advice Association, which is the group formed after the merger of the Financial Planning Association and the Association of Financial Advisers, to act as a quasi-regulator and oversee education standards, including disciplining members for poor ethics.

Mr Robert suggested that this approach would bring financial advice regulation in line with the legal profession, where state-based law societies regulate professionals in their jurisdiction.

Despite having committed to attending earlier, Mr Jones did not attend the AIA Adviser Summit.