Expect slowdown in regulatory change in 2022

With a Federal Election and multiple reviews in the industry that will be underway, 2022 will be a quiet year when it comes to regulatory change, according to the Financial Planning Association of Australia (FPA).

Ben Marshan, FPA head of policy, strategy and innovation, said things were already locked in from a regulatory change perspective.

Next year, Treasury would have its review into advice, which included the Life Insurance Framework review, and the Australian Law Reform Commission (ALRC) would have its review of the Corporations Act.

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“We’re not going to see a lot of regulatory change in 2022 because we have the reviews on, and we also have an election coming up, so 2022 is going to be fairly settled from a regulatory change perspective,” Marshan said.

“It gives us an opportunity to settle in, but we’ll get to the end of 2022 and we’re going to have more reports coming in which are going to say these are the improvements that need to be made around the regulation of financial advice to make it more accessible to consumers [and to] make sure it can be provided efficiently and affordably, but we won’t see any of that next year.

“It’s a massive opportunity in 2022 to look at your business, look at your processes, look at your clients and just settle things down and re-engineer the business the way that you need to make it work.”

With a Federal Election due, the country was most likely to see more consumer-focused issues for financial services, similar to the 2019 election which followed the conclusion of the Royal Commission.

“We’re going to see the election fought on consumer issues, so there are likely to be policy positions that the two main parties will take in relation to superannuation, taxation, property investments and things like that,” Marshan said.

“From that perspective, the focus is terms of the election and probably the budget and the outcome of the election is going to be focus on the advice we provide, not the way we provide advice.

“[This] is kind of where the last election was more fought in terms of the Royal Commission and implementing the Royal Commission [recommendations] because that was about how advice was provided, not how to fix clients.”

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Financial planners do not want a settled year. We want substantial changes. An election year is a perfect chance to agitate for change. Fat chance with this bozo heading up policy for the FPA. Marshan, like De Gori, is a major problem. These two failed advisers are more interested in building their corporate networks and kissing asses than fighting for us. It makes me sick.

Real Advisers need to get as far away from the FPA as possible.
This article and their pitch about getting advice out to consumers and NOT how’s its given to consumers, is blatant telegraphing the FPAs support of more Intra Fund & General Advice Sales regulatory carve outs, plus a push to Robo Advice.
Why any Real Adviser would pay money to the FPA to have them actively working against Real Advisers is incomprehensible.

Ben Marshan and his support for Intra Fund advice is a real problem and both must go. I fail to understand how some believe a Profession will emerge when the Drug Company is providing advice on their own drugs - supported by FPA and Ben Marshan.
Remind me - WTF is standard 3 about and why commissions are banned when this is supported?

I'm sure the families of those Advisers that committed suicide would be happy with the do nothing strategy. I don't think the Australians that come into my office, and they're crying. needing my help and I turn around and say "I can't help you because of the processes I need to follow", would really appreciate the very typical FPA approach of let's do nothing, let's not over react, or let's wait and see. As George O said in his comment, now would be the perfect time to get bad regulation fixed... but wait the conflicted FPA with those bulk payments and a list of advisers names from AwareSuper and HestaSuper seem to take priority over the needs of Australians and the Advisers that provide them with sound human lead advice.

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