Amid global market turmoil, Australians need the support of financial professionals to protect and rebuild their wealth more than ever.
A Coalition Government will make access to affordable financial advice a priority by setting an ambitious target to rebuild the advice industry to 30,000 advisers.
Affordable and accessible financial advice is critical to Australians’ financial security but under the Albanese Government, financial professionals have faced higher costs and more red tape.
These are costs which are ultimately passed on to consumers and mean Australians are increasingly under-advised and under-insured at a time they can least afford it.
The numerical target will be embedded in ASIC’s Statement of Expectations and will serve as a guiding principle, ensuring financial advice regulation must be focused on reducing costs, building the industry and ensuring Australians have access to affordable advice.
Setting a target also acknowledges the collapse in adviser numbers and replacement rate over the last decade due to regulatory changes from successive governments.
The Coalition will also put an end to the attacks on local accountants, bookkeepers and tax agents we have seen from the Albanese Government.
A Dutton Coalition Government’s plan to support financial professionals will include:
- Urgently fixing the Compensation Scheme of Last resort to lower costs for advisers and ensure it is fair and sustainable;
- Cutting red tape by implementing Quality of Advice Review recommendations, with legislation to be introduced within the first 100 days of a Coalition Government;
- Ensuring any reforms to broaden who can provide advice do not undermine the role of fully qualified financial advisers and are competitively neutral;
- Reviewing ongoing fee arrangement and life insurance commission regulations, with a view to alignment with international best-practice
- Reforming education and relevant degree standards to get more financial advisers into the industry;
- Reforming the corporate bond market to create more wealth-building opportunities;
- Lowering the regulatory costs of insurance by aligning Australian prudential standards with international best practice;
- Providing financial advisers access to the ATO portal;
- Making it easier for accountants to provide advice;
- Repealing Labor’s attacks on accountants, bookkeepers and tax agents;
- Setting minimum standards for transitional provisions and consultation on any new Tax Practitioners Board guidance;
- Simplifying Australia’s corporations law, creating a deregulation taskforce focused on financial services and establishing clear deregulation principles for all policy proposals.
Shadow Treasurer Angus Tayor said in times of economic uncertainty Australians need access to affordable financial advice to protect their hard-earned wealth.
"Labor has left Australia dangerously unprepared for future economic shocks, leaving Australians under-advised, under-insured, and under-banked,” Mr Taylor said.
“A Coalition Government will rebuild the advice industry and make it a more attractive profession by reducing red tape and compliance costs to bring the number of advisers back to a sustainable level.”
Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth said financial professionals are trusted members of the community and need a government that respects and prioritises them.
“Financial advice reform has been an afterthought for the Albanese Government and the botched rollout of the Compensation Scheme of Last Resort has been a costly disaster” Mr Howarth said.
“Successive governments have piled on layers of new regulation and it is time for a new approach which reduces costs and supports the growth of the industry.”
The Coalition is committed to a strong financial advice sector that supports Australians’ prosperity and retirement outcomes.