The industry has little chance of fighting through the legislative backlog and getting immediate wholesale change made to the ill-designed CSLR. There are things the government can do in the interim, said the FAAA, but who’s listening?
The evolving nature of advisers’ client bases, and the work they do for different parts of those, is leading to title creep. But there is little in the way of official guidance on what titles are appropriate.
Appropriately enough, it took a regulatory breakdown to finally ruffle the policy chief’s feathers. In the first of a series of whitepapers aimed at collating the issues, Phil Anderson lays bare the failures of government, ASIC and E&P Financial Group.
There are several aspects to the treatment of the case that don’t add up, the association’s policy lead says, and a transparent public inquiry is more than warranted.
Even when thousands more advisers left the industry in 2022, bringing the cohort down from 28,000 in 2018 to a total of around 17,000, there was still no shortage according to the government’s own skills commission.
