Stephen Jones appointed as Financial Services Minister

Senator Katy Gallagher was sworn in as Minister for Finance last week.

Mr Jones has already outlined a number of policy changes for the advice space, including changes to the education requirements for advisers with more than 10 years of experience and addressing the issues with the current advice framework.

SMSF Association chief executive John Maroney congratulated both the federal Treasurer Jim Chalmers and Stephen Jones on their appointments.

“We look forward to working with them on issues relevant to the SMSF sector,” said Mr Maroney.

Mr Maroney said the association was hopeful they would address the two outstanding measures from the 2021 federal budget, which include the two-year exit measure for legacy pensions and SMSF residency changes. 

Reforms to the residency rules for SMSFs will see the existing two-year safe harbour exemption under the central management and control test extended to five years, while an amnesty period for SMSF members stuck in legacy pensions will give them the opportunity to convert to more contemporary style pension products.

“We are confident they will appreciate the importance of these two measures and we seek their support to pass the legislation through Parliament,” said Mr Maroney.

The Financial Planning Association of Australia (FPA) welcomed the appointment of Stephen Jones, stating that the appointment will allow him to continue the collaborative work he has already undertaken with the profession as shadow minister.

“The FPA looks forward to engaging with the minister on pressing issues impacting both the profession and the Australian public, in particular around certainty on education standard,” the FPA stated.

The FPA said it also looks forward to working with Dr Jim Chalmers as Treasurer, especially regarding Treasury’s review of ASIC’s industry funding model.

FPA chief executive Sarah Abood said she is expecting the new Albanese Labor government to quickly deliver on its election commitment to provide much-needed certainty to the profession on education standards, including providing a framework to better recognise relevant experience.

“We have already had good engagement with minister Jones on this and other issues in the past and we look forward to working further with the new government,” said Ms Abood.