The Financial Advice Association Australia (FAAA) has appointed David Barrett as its senior manager for policy and advocacy, a newly created role for the body.
He will be based in Sydney and report to general manager of policy, advocacy and standards, Phil Anderson.
Barrett has over 30 years’ experience in financial advice, including 25 years at Macquarie Bank where he worked as the head of Macquarie’s technical advice services. He was also a member of the Financial Services Council’s advice board committee and superannuation board committee.
The organisation said the new position has been created to bolster capabilities in its advocacy and policy efforts, especially as the government finalises legislation around Delivering Better Financial Outcomes (DBFO), while a federal election could bring a new financial services team.
Current Minister for Financial Services, Stephen Jones, has indicated he will be retiring at the upcoming election, meaning there will be a new minister regardless of which party wins the election.
Barrett’s responsibilities will include assisting with policy formulation, building stakeholder relationships, and developing practical member tools and guidance, it said.
Anderson said: “David’s appointment as senior manager, policy and advocacy, will support the continued development and implementation of FAAA’s policy and advocacy goals.
“David’s extensive experience working with financial advisers, particularly in areas such as technical advice, regulatory impacts, and professional standards, will provide a valuable contribution as we work to develop and refine our policy positions and engage with our stakeholders and members.”
Responding to the latest DBFO reforms put forward last week, the organisation said it could not support them in their current state and was “disappointed” by the proposal. It will consult with its members and file a formal submission by the 2 May deadline.
FAAA chief executive Sarah Abood said: “On a first read, we cannot support it without substantial change. This is a pretty disappointing outcome considering the large amount of time and resources that have been invested over three years to finding ways to deliver high-quality financial advice to more Australians.
“We will continue to analyse the draft legislation provided and engage further with our members to finalise our formal submission.”
