Sarah Abood, chief executive of the Financial Advice Association Australia, says she welcomes the Coalition’s recognition that access to quality advice plays a vital role in supporting Australians’ financial security.
“We are encouraged to see a number of the Coalition’s proposed measures align with the FAAA’s five key priorities for the next Federal Government. In particular, the commitment to reforming the Compensation Scheme of Last Resort (CSLR), giving advisers access to the ATO portal, reducing regulatory burden through DBFO and supporting new entrants to the profession,” Abood said.
“The profession has been clear: regulation in its current form is too often duplicative, inconsistent, and costly — for advisers and consumers alike. Thus, the proposed creation of a financial services deregulation taskforce is needed and welcome.”
Speaking at Momentum Media’s Election 2025 event last week, shadow treasurer Angus Taylor said the role of financial advisers was “absolutely central” to the Coalition’s economic blueprint and essential in guiding Australians through an increasingly volatile global environment.
“In tumultuous times, advice really counts. Insurance really counts. Access to credit really counts,” Taylor said. “Australians are underbanked, under-advised and underinsured, and that has to change.”
Taylor also acknowledged that the “collapse” in adviser numbers in recent years is a trend that must be reversed if Australia is to maintain a resilient, well-prepared household sector.
“We will make a priority for the future Dutton government a target to rebuild the financial advice industry to 30,000 advisers,” Taylor said.
“This is crucially important. This won’t be just optics or words; this will be driven down into the way we want our regulator and regulation of this industry to work.”
He added that a Coalition government would embed a numerical target for adviser growth within ASIC’s statement of expectations – a move designed to hold the regulator accountable not just for oversight, but for enabling the sector’s success.
Abood said the FAAA applauds the Coalition’s target of 30,000 advisers, stating a numerical target for rebuilding adviser numbers is a helpful signal of intent.
“Though this must be matched by action that makes the profession more viable and attractive to new entrants,” she said.
She added the association will continue to advocate for concrete reform to CSLR — specifically, capping the advice levy at $10 million and ending adviser responsibility for product failures.
“Without such change, rebuilding the industry will remain difficult,” she said.
The FAAA will be engaging with all candidates and parties in the lead-up to to seek their support for the FAAA’s five key asks including fixing the CSLR, providing adviser access to the ATO portal, delivering effective Delivering Better Financial Outcomes reforms and implementing a standardised fee consent form, instigating a financial services razor-gang to cut red tape, and supporting new entrants to the financial advice profession.
“We believe they offer a pragmatic and constructive path forward for the advice profession — and for the Australians who depend on it,” Abood said.
“We continue to seek clarity from Labor, the minor parties and the independents regarding their positions on these same asks, demonstrating their support for the advice profession and the great work we do helping Australian consumers be better off.”
