Minister for Financial Services Resigns

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After 15 years as an MP, Stephen Jones, Assistant Treasurer and Minister for Financial Services, won’t be standing for this year’s federal elections – due to take place on or before 17 May.

In a statement, Jones says he is proud of the role he has played in fighting scams, protecting workers superannuation, and “…making financial advice more accessible and affordable, and strengthening consumer protections for all Australians”.

Stephen Jones
Stephen Jones, ready to step down.

Just prior to making his decision public, Jones announced a range of proposed reforms targeting areas where complaints data shows the greatest need for improvement in super schemes. (see: New Life Insurance Service Standards Inside Super).

These include:

  • The timely and compassionate handling of death benefits
  • Fair and efficient processing of insurance claims
  • Clear, respectful and accessible communications with members

In June 2022, as the incoming Financial Services Minister, Jones said fixing the financial advice sector was one of his priorities.

He helped introduce CLSR legislation which is receiving ongoing criticism by industry stakeholders as the fallout of Dixon Advisory continues to impact advisers faced with footing the clean-up bill. (see: Time for ‘Long Overdue’ Consumer Protections – Jones).

The FAAA’s CEO Sarah Abood thanked Jones for his “…dedication to financial services” saying his “…commitment to solving the extremely important challenge of getting more high-quality financial advice to more Australians”.

Sarah Abood.
Sarah Abood.

“Of course we have not always agreed,” she said in a statement. “But the Minister has genuinely understood the value of professional financial advice.”

CEO of the FSC Blake Briggs commended Jones for his “…hard work and dedication to the financial services industry”.

“The financial services industry has appreciated his collaborative and open approach when working with the industry over the past five years, as both the Assistant Treasurer and as opposition spokesperson,” says Briggs.

“The Assistant Treasurer can rightly point to a number of successes in his portfolio, and the industry lauds his efforts in ensuring financial advice reform remained on the Government’s agenda, legislating the first tranche of its response to the Levy review.”