The financial advice industry has reacted to the retirement of Stephen Jones as minister for financial services, recognising his efforts on scams and financial reforms.
It was announced on 30 January that Jones would not be contesting his seat in Whitlam and would be stepping down from politics after 15 years.
He was first elected to Parliament in 2010 and was appointed as shadow financial services minister and shadow assistant treasurer in June 2019 before taking on the minister role, following Labor’s victory at the 2022 election.
During his tenure, he has carried out work on the Delivering Better Financial Outcomes (DBFO) legislation but has come under criticism from the financial advice sector for the slow speed on this and for the growing levies on the profession.
In a statement, Financial Services Council chief executive Blake Briggs said: “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.
“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.”
Over at the Financial Advice Association Australia (FAAA), chief executive Sarah Abood thanked him for his service to the advice community.
“I thank Minister Jones for his dedication to financial services, and his consistent commitment to solving the extremely important challenge of getting more high-quality financial advice to more Australians. Of course we have not always agreed, but the Minister has genuinely understood the value of professional financial advice and its importance to the economy and the country more broadly.
“I would also like to thank Minister Jones for the many FAAA events he has spoken at, and his willingness to engage with our members and discuss openly the many difficult issues that are part of this very challenging portfolio.”
Jim Chalmers, federal Treasurer, said: “Stephen has big ideas, makes big contributions and is a terrific colleague. He will leave a proud legacy as Assistant Treasurer and Minister for Financial Services, having advanced reforms to strengthen Australia’s superannuation and financial systems, modernise markets and improve the integrity of our tax system.
“He has delivered reforms that will allow more Australians to retire with dignity, and has helped make financial advice more accessible.”
In the superannuation space, Mary Delahunty, chief executive of the Association of Superannuation Funds of Australia (ASFA), said Jones has had an open engagement with the super industry.
“Minister Jones has been instrumental in ensuring that Australia’s superannuation system remains strong and continues to provide financial security for millions of Australians in retirement. His commitment to strengthening consumer protections, setting mandatory service standards, and engaging with industry stakeholders has been invaluable in building a more transparent and reliable system.
“Minister Jones always had an open door for sector representatives – he has basically taken the door off its hinges. This genuine commitment to conversation has been a hallmark of his approach and a great example for others.”
