Advice Matters
Petition to protect it

Take Action: Sign the Petition Today!

Stand Against:
Higher Costs & Reduced Access To Advice

The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill, introduced in March, unexpectedly altered provisions around advice fee deductions from superannuation funds. Section 99FA of the bill, as it was initially worded, would have likely reduced access to quality financial advice and increased its cost due to additional red tape.

Our advocacy has helped sanity prevail but there is much more work to do.

Thanks to all those who have already supported our petition and those who in large numbers wrote to their local members about the flawed drafting of section 99FA.

With an amended version of the Bill having now passed both houses of parliament, we thank the Minister and the opposition for supporting important amendments.

The amendments made to Section 99FA, following collective advocacy by consumers, the advice profession, and key industry associations, are a testament to the power of collaborative effort between lawmakers and the financial advice community including consumers.

Amending the Bill has significantly alleviated the immediate threats to the affordability and accessibility of financial advice for many Australians.

The Ongoing Battle of Access and Affordability: Addressing the CSLR Levy

While consumers and advisers celebrate this outcome, it is imperative that we continue our efforts to address another critical issue unfairly impacting consumers and the advice profession - the Compensation Scheme of Last Resort (CSLR) levy.

Sign Change.org Petition