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Draft FAAA Policy Platform open for member consultation

The Financial Advice Association Australia (FAAA) has kicked off the first day of the FAAA Roadshow 2024, with the launch of its draft policy platform for member consultation. It was released at the policy and advocacy session with FAAA General Manager Policy, Advocacy & Standards, Phil Anderson.

The FAAA Roadshow 2024 is taking place in 10 locations across the country during April and May.

Mr Anderson says the policy platform will guide the FAAA’s advocacy activity with government, regulators and other key stakeholders, and focuses on the three key themes:

  • 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,” Mr Anderson says.

“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.

“It is also important that measures are in place to ensure that there is continued focus on the professionalisation of financial advice, and this policy platform aims to achieve this.

“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.”

Ongoing development of the financial advice profession and advice practises, through the use of technology and innovation, is also a theme of the draft policy platform.

“We need to future-proof the profession for advisers and their clients through better use of data and technology.

“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.

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

“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,” Mr Anderson says.

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

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