SIMPLIFICATION is at the heart of a Private Members’ Bill I ushered into Parliament last week.
The step came after considerable conversation with the finance industry.
Though it might be a little niche, millions of Aussie clients, both here in Forde and around the country, will financially benefit from the changes.
It’s a little bit of my past life in finance, colliding with my current life as a parliamentarian.
All we need is a willing and able Government.
Sadly, the current Government has sat on its hands for far too long on this issue.
The Corporations Amendment (Streamlining Advice Process) Bill 2024 was brought forward due to the Government’s continued inaction.
The purpose of the Bill is to streamline the engagement process between financial advisers and their clients.
People in the industry feel that the Albanese Government has not done enough, and certainly not done anything in a timely enough manner, to deal with some well-recognised issues.
After a lot of years of seeing the system become more complex and more expensive for everybody involved, I’m determined to make life simpler for all.
While the Government has a department of 1,600 staff and a team of legislative drafters at their disposal, it has required action from the Coalition Opposition to get these reforms into Parliament.
A comprehensive independent review found that SOAs are universally criticised for being too complex and adding significantly to the cost and regulatory burden of providing financial advice.
The Bill is intended to support the financial services industry by removing red tape and allowing them to focus on what they do best – providing financial advice to everyday Australians.
Time is running out before an election is called and I have decided to act by bringing forward the most impactful reforms for the advice community.
The Coalition is genuinely working to improve outcomes for hardworking individuals and small businesses in Australia to access support and advice needed in managing their money.
