Labor to clean up financial advice ‘hot mess’

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New Financial Services Minister Stephen Jones says the Albanese government will prioritise slashing the regulatory burden on financial advisers within three months.

“Australians deserve access to quality affordable financial advice, and collectively, industry providers and the advice profession have an obligation to work together with the government and the regulators to build a sustainable framework,” said Hub24 chief executive Andrew Alcock.Financial Services Council chief executive Blake Briggs said: “It is crucial the financial advice industry does not miss this opportunity to make financial advice affordable and accessible for consumers.

”There is absolutely no doubt the financial advice community was pleased to see Frydenberg’s demise and the removal of the Morrison government,” AIOFP executive director Peter Johnston wrote in a full-throated memo to members last Monday after the former treasurer conceded defeat to teal independent Monique Ryan.

The deregulatory move from Labor is noteworthy, given the Rudd-Gillard government’s role in introducing many of the complex laws governing financial advice. The party has been seen in the past as hostile to small business advice providers, who have been key critics of the trade union-linked industry superannuation movement.

However, the new minister’s comments may draw ire from consumer groups such as Choice, which have argued that any wind-back in financial advice regulations would put retail investors at risk.


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Mmmmm The big retail guys won’t like this …they’ve been quietly moving all advised money into their branded funds and platforms…a return to Rippoll not the mess Hume created through sheer pig ignorance

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