Blake Briggs, the FSC's Chief Executive, has publicly recognized the progressive steps taken by the government but also highlighted areas requiring further refinement. The focal point of the FSC's feedback centers on the dual approval mechanism currently in place — a system that mandates consent from both financial advisers and superannuation trustees prior to the deduction of advice fees from superannuation accounts.
Briggs has expressed apprehension over the bill's present form, apprehensive that it might solidify the existing bureaucratic layers that exponentially elevate compliance expenses. This environment, according to industry observations, directly affects the affordability of financial counseling for a substantial portion of Australians.
Through their statement, the FSC has appealed to the Assistant Treasurer, beckoning for a decisive action to eradicate repetitive administrative burdens. The Council's stance is that doing so would foster more accessible financial advice, aligning with the overall intentions of the government's legislation. Briggs also took the opportunity to encourage ongoing dialogue through the various stages of parliamentary review, with a clear objective: ensuring financial guidance remains within economic reach for the average Australian consumer.
The concerns voiced underline the delicate balance policymakers must navigate — advancing consumer protections while simultaneously ensuring the regulatory framework does not deter Australians from obtaining essential financial support. As the bill progresses, the scrutiny it faces from industry stakeholders like the FSC will undoubtedly contribute to a fine-tuning process, ideally resulting in a legislative environment conducive to both secure and cost-effective financial advisory services.
