FAAA launches draft policy platform at roadshow

Financial Advice Association Australia (FAAA) general manager policy, advocacy and standards, Phil Anderson launched the draft policy during his session on the first day of the roadshow, which is taking place in 10 locations across the country during April and May.

Anderson said the policy platform will guide the FAAA’s advocacy activity with government, regulators and other key stakeholders, and focuses on accessible financial advice, professionalism of financial advice, and using technology to better deliver financial advice.

“By travelling across the country and engaging directly with members, the FAAA aims to finalise a policy platform that will provide a strong framework for advocacy and best represents the views of its member base,” Anderson said.

“The FAAA would like to see a single set of easy-to-understand rules that govern how to deliver affordable, professional financial advice, in a clear, concise and engaging way.

“By simplifying the regulatory regime and improving access to advice, it will drive down the cost and create a consumer-focused profession.”

He added that it is also important to maintain a focus on professionalisation of financial advice.

“For financial advice to be recognised and for it to operate as a self-regulated profession, we need to first establish the framework, maintain effective and appropriate education standards across all financial advice providers, while at the same time, providing flexibility for new entrants to meet the education standard and join the profession,” Anderson said.

Looking at the ongoing development of the financial advice profession and advice practises through the use of technology and innovation, he said the profession needs to be “futureproof”.

“The FAAA supports regulatory reform that encourages the use of new technology, specifically AI, to make data capture, storage and utilisation more streamlined across financial services, which will deliver better service and outcomes for clients,” Anderson said.

The draft policy platform is available for FAAA members for review and to provide feedback until 31 May 2024, and will release the final FAAA Policy Platform on 1 July.

“As the united voice for the financial advice profession, the FAAA is working to create a powerful policy platform which will provide a strong framework for the association’s advocacy efforts over the coming years,” Anderson added.

“We encourage all FAAA members to review the draft policy platform and to have their say.”