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Policy Platform

Guiding the FAAA’s advocacy efforts until 2030

The FAAA Policy Platform is an important resource which aims to keep members updated on the progress of each of the our policy objectives.

Explore the themes, goals and objectives below and click ‘Learn more’ to see the specific recommendations and progress related to each of the objectives.

Theme 1

Improved ease of servicing clients with accessible advice

Goal: A single set of easy-to-understand rules that govern how to deliver professional financial advice in a clear, concise and engaging way for clients which is affordable to provide and access.

Theme 2

Continued professionalisation of financial advice

Goal: Financial advice is recognised and operates as a self-regulated profession

Theme 3

Ongoing enhancement of the profession and advice practices through the use of technology and innovation
Goal: Future-proofing the profession for advisers and their clients through better use of data and technology.

Use the filters to personalise the Policy Platform

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Timeframe of the goal




Objective 1.1

The Code of Ethics be adopted as the principles-based rules for financial advice

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Objective 1.2

Rationalise the Best Interests Duty, and related obligations including the removal of ‘Safe Harbour’

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Objective 1.3

Better regulation of advice documentation

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Objective 1.4

Simplify the regulatory regime, reduce the cost of advice and create a consumer-focused profession

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Objective 1.5

Take action to better enable the delivery of life insurance advice to facilitate more Australians being adequately covered

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Objective 2.1

The removal of regulatory impediments to individual adviser responsibility and better protection of the rights of advisers and their practices

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Objective 2.2

Establish the framework to move toward self-regulation of the profession

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Objective 2.3

Maintain effective and appropriate education standards across all financial advice providers

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Objective 2.4

Increase the understanding of the value and nature of advice for society and consumers

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Objective 2.5

Increased flexibility for new entrants to meet the education standard

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Objective 2.6

Providing pathways for foreign nationals to practice financial advice in Australia

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Objective 3.1

Deliver a better user experience of digital platforms for consumers and advisers

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Objective 3.2

Make data capture, storage and utilisation more streamlined across financial services

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Objective 3.3

Work with government to secure planner access to client data via government portals

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Objective 3.4

Support regulatory reform that encourages the use of new technology and specifically AI to deliver better service and outcomes for clients

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The united voice for financial advice professionals

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The following areas should be seen as stepping stones on the way to the achievement of the above objective.

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FAAA should ensure the profession owns the management of:

in a progressive manner in the years to 2030, so that financial advice becomes a fully self regulatory profession.

We recognise that this will take the form of co-regulation in the initial phases.

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