FAAA welcomes Mulino's support on DBFO reforms
The Financial Advice Association Australia (FAAA) has confirmed it has met with newly appointed Minister for Financial Services, Daniel Mulino.
Mulino was appointed by Prime Minister Anthony Albanese last month to succeed Stephen Jones who retired at the last federal election. He had been widely tipped as a strong contender for the portfolio, given he has been a member of the House of Representatives standing committee on economics since 2019 and serving as the chair since August 2022.
In a statement, FAAA chief executive Sarah Abood said she and FAAA chair David Sharpe had met with the minister in Melbourne on 4 June and were “very encouraged” by his support for the advice sector and commitment to pursuing Delivering Better Financial Outcomes (DBFO) legislation.
His predecessor Jones had stated during the election campaign that he could envisage DBFO being completed within another six months if Labor was re-elected. Further details have been provided on client advice records and superannuation funds charging for advice, but the profession is yet to see full details on matters such as the modernisation of best interest duty and the new class of adviser.
Abood said: “The FAAA has had a very positive meeting with Assistant Treasurer and Minister for Financial Services, the Hon Dr Daniel Mulino, earlier this week. On Wednesday, myself and chair David Sharpe met with the minister in Melbourne, and we are very encouraged by his willingness to listen and work with the profession.
“The minister acknowledged the issues facing our profession, and agrees that the Delivering Better Financial Outcomes reforms are a priority. He is focused on releasing the remaining tranche of the reforms as quickly as possible.
“He also recognises the importance and urgency of resolving the problems with the Compensation Scheme of Last Resort (CSLR). The final report from the Treasury review, as well as a finalised estimate for the FY26 levy, are expected early in the new financial year.”
Reacting at the time of his appointment, Abood had stated DBFO and CSLR were priorities for the members, and they wanted Mulino to consider them in his new role.
“It is critical that we build a healthy and sustainable financial advice community in Australia to help more Australians achieve financial wellbeing and security,” Abood said in May.
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