Skip to main content
Financial Assistance Hub

Sensible financial advice reforms to be made available to millions of Australians

Sensible financial advice reforms to be made available to millions of Australians

7 December 2023

The Australian Banking Association (ABA) welcomes the Albanese Government’s significant financial advice reform package announced today by Assistant Treasurer Stephen Jones. 

“In recent years, too many Australians seeking simple financial advice have not been able to receive it in a cost-effective manner,” said ABA CEO Anna Bligh.  

“While previous reforms were well-intentioned, the result has been that simple financial advice has been put out of reach for most Australians, millions of whom are at or approaching retirement age. 

“This gap has meant that many Australians are seeking financial advice on their own in completely unregulated channels, often through the internet and social media platforms. Sadly, Scamwatch data shows 60% of reported scam losses are from investment scams,” said Ms Bligh. 

These reforms will allow for Australians to speak to qualified advisers in financial institutions and receive simple advice, with strong safeguards in place.  

The ABA is pleased to see the concessional treatment for personal advice by banks on defined basic banking and insurance products will be retained.  

If more comprehensive financial advice is required, clients will still need to be served by a professional financial adviser under the current standards. 

These reforms are expected to be dealt with by the Parliament in 2024.  

The ABA welcomes initiatives that will ensure Australians will be able to receive simple advice that is high quality, helpful, and safe.  

Further information on the Government’s announcement is available here


Latest news

1 / 3
Transcript
Anna Bligh interview with ABC Perth on credit card access
1 August 2025

EO&E Nadia: Banks has been a big topic of discussion on the show this week because, of course, we’ve just been talking about behavioural security that the bank is bringing in. Earlier, I was telling you during the week that older women can’t get a credit card in their own name. They’re secondary card holders… Read more »

Read more
Media Releases
Joint Group of Industry Organisations statement in response to Productivity Commission report
1 August 2025

The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world. This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for… Read more »

Read more
Media Releases
Banks welcome APRA commitments to support more competition in Australia’s banking system
24 July 2025

The ABA welcomes APRA’s commitment to boosting competition for Australia’s mid-tier and international banks. In a speech today to the ABA’s Banking 2025 Conference, Chair John Lonsdale announced that APRA would: ABA CEO Anna Bligh said it was customers who would ultimately benefit from a strong and competitive banking system. “Today’s announcements from APRA will… Read more »

Read more