FAAA Sets Four Priorities Before Mulino Speech

The Financial Advice Association Australia (FAAA) is urging Financial Services Minister Daniel Mulino to place financial advice at the center of the government’s reform agenda ahead of his upcoming National Press Club address on 19 August.

FAAA urges swift action.

Four priorities the industry says must be addressed

FAAA chief executive Sarah Abood highlighted four issues that directly affect Australians’ ability to obtain trusted professional advice. The first priority is making the Compensation Scheme of Last Resort (CSLR) sustainable, so that its costs do not continue to push up advice fees.

Second, she called for actions to prevent future harm, especially from predatory lead‑generation practices that can steer consumers toward unsuitable financial products.

Third, Abood urged the implementation of sensible Delivering Better Financial Outcomes (DBFO) reforms to enable consumer choice and lower costs.

Finally, she advocated for supporting the growth of the financial advice profession across all business models, ensuring consumers have genuine options for how they access advice.

Cost pressures and recent collapses add urgency

The median price of financial advice has risen 65 percent over the past five years, now sitting around $4,700. Abood noted that every additional dollar added to the cost of providing advice makes it harder for consumers to access that advice.

The recent collapses of the Shield and First Guardian funds have left many Australians with significant losses in their retirement savings, increasing the levy burden on the CSLR.

In the broader context, the pressure on advice costs reflects a tension between protecting consumers and keeping the advice sector viable. As the financial system evolves, the balance between regulation and affordability will shape how many Australians can plan for retirement.

FAAA’s final request to the minister is clear: commit to a sustainable CSLR, prevent future harm, shut down predatory lead‑generation practices, deliver sensible DBFO reforms, and help grow the financial advice profession. These steps, according to the association, would directly help more Australians access the quality advice they need.