I don't understand all this congratulations about rescinding the "reporting that there's nothing to report" elements of DDO. It was an extremely bad piece of regulation that never should have been there in the first place. The only way its removal would be praiseworthy, is if it was accompanied by the sacking of those responsible for originally including it.

Praiseworthy regulatory change would be removing advisers from the control of AFCA, Austrac, ASIC and licensees, in favour of a genuine Single Disciplinary Body. It would be completely overhauling Chapter 7 of the Corporations Act. It would be funding ASIC from consolidated revenue and sending it after all the crooks that give dodgy unlicensed advice. When & if those things occur, that will be the time for praise. But not before. Praising anything short of that is like praising a mugger who let you keep your loose change.

I'd like to know just WHO highly praised this "Nil Complaints"?!

Your comment 'existing regulation.. is what it is', is not correct.

The whole point is there is wave-after-wave of *new* regulation. The latest being the new breach reporting starting 1 October. Where does it end, who knows?

So, the bit about 'we need to stop whingeing' - well, good luck with that. Maybe after our heads stop spinning.

It's so blatant (market manipulation) that ASIC won't do anything about it. Honestly, there is even a facebook group called pump n dump. How hard is it to do your job ASIC.

Well said, and I hope you enjoy the freedom from stress that the industry is loading on us all. I’ve hung in there after 30 years but can relate to everything you said. I’m in the process of letting go many long term clients due to the impossibility of delivering the legal nonsense to all of them for the price that we must. it’s a painful process. The bureaucrats and lawyers who make up these rules have no accountability to everyday Aussies who need help. Enjoy your freedom, it’s very appealing more days than not now.

Someone should remind Frydenspend, Hume & Co about the (Liquor) Prohibition. The more you make something illegal, the more you create a parallel economy. With Hayne2 etc, it is getting worse. Hence the current mess.

hahaha - 2 sets of rules. There will be no industry left in an unlevel playing field. Unauthorised accountants (the so called pillars of financial services) blatantly providing 'advice' to tax return clients - super contribution strategies, share purchases and sales etc. That's like sharing the road with unlicensed drivers. It's a joke.

I think we've been telling our Industry Associations that if you leave the gate open, the horse will bolt out since 2016....especially in regards to adviser numbers and also graduates.....now in 2021...after the horse has bolted, you're sympathizing and acknowledging problems. These people are usually intelligent to rise to these ranks so what else is going on here?

I think we've been telling our Industry Associations that if you leave the gate open, the horse will bolt out since 2016....especially in regards to adviser numbers and also graduates.....now in 2021 you're sympathizing and acknowledging problems. These are usually intelligent people to rise to these ranks, so I can only think that they must be corrupt, morally bankrupt or the bodies they represent are so self absorbed they need a complete overall....what is it?

But Jane said don't worry about it

Highlights how hopeless ASIC is. Too busy going after licensed advisers.

To avoid the law, you just employ a call centre and fill it with Backpackers that have no idea about anti hawking and get them to make alarmist and ridiculous assertions about some piece of tax policy or super law, without any mention of "financial products or services" and then they'll ask the consumer if they want to be contacted. Therefore getting around this legislation. Hopefully this modification will prevent this, but it really does question why ASIC have been so slow when this law came into effect decades ago.

Those who have failed twice shouldn’t be allowed to hold onto their status until September 2022. But I agree with the extension for the exam for those who are on a career break (whether due to illness or taking a different role for a time). I can understand that those advisers who have already sat the exam may feel this is unfair, but I’m assuming ASIC is doing this so that existing advisers who aren’t, or haven’t been, practicing, don’t get kicked off the register. This is a smart move from a retention point of view with so few new entrants.
Regarding existing advisers who are on a career break only, as long as they maintain their CPD, ethics code etc etc what difference does it make to the professionalisation of the industry? Zero. However, extending advisers who have failed twice until September next year - why do they need so long? And I agree this does drag the professionalisation of the industry down as we would continue to have advisers who have failed the exam, actually continuing to practice.

Agree with all comments so far. It’s only words without actions. Noting not many comments as expected because there are less advisers and few have time to read these pages. I’m out and couldn’t be happier to be out. After 31 years, it became ridiculous to remain. It became unethical as under the new methods, you cannot support all who need help and only direct your attention to the very wealthy. I was faced with having to disconnect with over 1100 long term clients. That can’t be done in a country town/city. I was faced with selecting my most wealthy and charging them more. All this was a conflict to what I stood for and why I started so many decades ago. No complaints from clients but I was forced to consider this massive change that would impact all clients and compromise my standing in the community. Many are staying because they cannot afford a exit due to debts held and values of business. The industry will fail if no massive swing back to some normality. I enjoyed a great career but the later years of stupidity from government and regulators made it impossible to continue a d serve the public in a efficient manner and offering true value. It’s always been said that the pendulum will swing back but it never has.

Josh Frydenberg (ex Big Bank director) and Jane Hume (ex Australian Super Policy Adviser) have nearly completed their work. Decimate the financial advice industry so as to expand super fund's conflicted intra-fund advice networks, and allow the banks to commence robo-advice.
Till now, they have been assisted with their endeavours by the FPA (and to a lesser extent the AFA).

Very true! Massive damage created by this LIBERAL government!!

Last time I heard "pincer movement" used was a tank battle in a WW2 movie! LOL So the term is very appropriate.

We need to stop wingeing. If you want to remain in the profession - get the studies done or leave. Insofar as existing regulation is concerned it is what it is.
What we need to do is start t he process for a root and branch review of the Corporations Act. The rest is tinkering around the edges. In the mean time those of us that remain in the profession will be able to charge a premium for our services as a direct consequence of supply and demand imbalances. This will more than offset the additional costs associated with current legislative and compliance pressure.

Be prepared for the fact that - like the submarines - the full review and re-write of the Corps Act will only complete when the war is over / many have retired from the profession. But that's politics!!

Lots of talk, discussion, opinion, media reporting blah blah blah - but is anyone at policy regulatory level listening? let alone acting and maybe sitting up and just fixing 1 thing??? If you are a real estate agent, mortgage broker, etc. well
done - you picked the right career. Politicians love houses and credit - an economy fueled by a housing boom buys lots of votes. As for financial advisers - well we all simply don't contribute to that vote count and as such our elected leaders don't place any value on us at all. Cynical view you ask? Dig a little deeper and see what you find.

“In my early discussions with sector leaders...." - please explain who these people are and represent Helen???

Hume, Frydenberg, LNP & ASIC keep saying recently they want to make Advice more Affordable.
Yet their actions are the EXACT OPPOSITE.
Every month there is ever increasing BS Red Tape Costs Added, More BS REGS, More mind numbing reports and none of it helps clients.
These Canberra bubble bureaucrats do nothing but INCREASE COSTS at every turn.

This is a slap in the face to all advisers who busted their ass to do the right thing. We had a one year extension!

By extending the other FASEA deadline to 2026, we've compromised the emergence of our Profession and thus the right to self regulation and reduced compliance.

Most annoying...