The FAAA reports a positive first-meeting with Assistant Treasurer and Minister for Financial Services, Dr Daniel Mulino, following his appointment last month.
FAAA CEO Sarah Abood and Chair David Sharpe met with the Minister in Melbourne on Wednesday 4 June, describing the discussions as encouraging.
“The Minister acknowledged the issues facing our profession, and agrees the DBFO reforms are a priority,” Abood said in a statement.
“He is focused on releasing the remaining tranche of the reforms as quickly as possible.”
However, top of the agenda was the CSLR. According to Abood, Mulino recognises industry concerns with regard the scheme, with a final Treasury report and a formal estimate for the FY26 levy expected early in the new financial year.
The FAAA has submitted a comprehensive response to the CSLR review and is awaiting the Government’s response.
“We’re eager to understand the actions the Government plans to take,” said Abood.
The meeting also touched on long-term strategies to ensure the sustainability of the financial advice profession, including reducing compliance costs and red tape, and boosting adviser numbers – which currently stand at just over 15,500.
“We look forward to working closely with Minister Mulino on these issues to achieve positive change for financial advisers and Australian consumers,” said Abood.
See Meet the Minister for Financial Services and our reports on the CSLR.
