Media Release

ASFA welcomes Government reforms to make quality financial advice more affordable and accessible

ASFA welcomes the Government’s announcement of progress on the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms. These changes represent a significant step forward in providing Australians with greater access to affordable, quality financial advice – helping to secure their financial future and support a dignified retirement. 

“Today’s announcement is a meaningful investment in the financial wellbeing of Australians. By creating opportunities for more people to access high-quality financial guidance, the government is building a stronger foundation for all Australians to be able to achieve dignity in retirement,” said ASFA CEO, Mary Delahunty. 

This announcement builds on the recommendations of Michelle Levy’s Quality of Advice Review and extensive consultations across sector and consumer groups. Tranche 2 reforms are designed to modernise the financial advice framework, making advice more accessible, affordable and tailored to individual needs. 

“ASFA was pleased to bring the sector together and work with the Government on this package. It was a true collaboration and testament to the broad commitment all ASFA members, associations and the Government has to ensuring more Australians have access to help with their retirement.”  

ASFA research released earlier this year revealed that one in two Australians have never accessed advice on preparing for retirement, reinforcing the need for quality, trusted financial advice to be more accessible and affordable. 

“Financial advice is a critical ingredient in helping Australians build and protect their retirement savings. These reforms will empower more Australians to plan for their financial journey with confidence, enabling them to enjoy the security and dignity they deserve in later years,” said Ms Delahunty. 

ASFA welcomes the key features of Tranche 2, including: 

  • modernising the Best Interests Duty  
  • introducing a New Class of Advisers (NCA) – expanding the supply of financial advice, particularly through financial institutions 
  • allowing superannuation funds to provide helpful ‘nudges’ to improve member engagement at key life stages 
  • clarifying the rules on what advice topics can be paid for through superannuation 
  • limiting NCAs to charge a set, one-off fee with key consumer protections 
  • restricting advice to prudentially regulated products 
  • excluding certain high-risk products from advice, and 
  • enacting rigorous educational standards (equivalent to AQF 5). 

These reforms will ensure consumer protections are a core pillar to expanding and increasing Australians’ access to affordable, high-quality advice.  

“ASFA is pleased to see that creation of the New Class of Advisers is accompanied by strong regulations and consumer protections to ensure high standards are maintained, alongside the increased provision of high-quality financial advice,” Ms Delahunty said. 

“These reforms are a clear signal of the Government’s commitment to delivering better outcomes for Australians by addressing barriers to affordable financial advice. The future for Australians’ retirement savings is brighter with a more inclusive and modernised advice framework and we look forward to seeing the legislation progress in the New Year,” concluded Ms Delahunty. 

 


For further information, please contact: 

ASFA Media team, 0451 949 300.  

About ASFA 

ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.  

We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system. 

Cath Bowtell

Chair, IFM Investors

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Cath is the Chair of IFM Investors; Industry Super Holdings (ISH); and the Federal Government’s Jobs & Skills Ministerial Advisory Board.   

She is a Director of Industry Fund Services (IFS) and of the Melbourne Arts Precinct Corporation. 

Cath has worked for many years in senior roles in both the superannuation industry and union movement. She was the Chief Executive of IFS and Chief Executive of the Australian Government Employees Superannuation Trust (AGEST) from 2010 until its merger with AustralianSuper in 2013.

Prior to this, Cath was a Senior Industrial Officer at the Australian Council of Trade Unions (ACTU). She has held a number of directorships and committee positions throughout her career, including Director of AustralianSuper, Director of AGEST Super and Director of Ausgrid.

Natalie Previtera

Chief Executive Officer, NGS Super

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Natalie is the Chief Executive Officer of NGS Super.  

With a career grounded in governance, legal, and strategic leadership, Natalie brings a forward-thinking and purpose driven approach to superannuation. She is responsible for steering the fund through a dynamic regulatory landscape, ensuring operational excellence, and delivering long-term value to members.

Natalie also served as Chief Risk and Governance officer having deep institutional knowledge and a strong track record in executive oversight and regulatory engagement.

She is known for her collaborative leadership style and her ability to drive transformation while maintaining a strong member-first ethos.

Prior to joining NGS in 2019 Natalie held senior governance roles at AMP, Suncorp and Perpetual.  

Laura Catterick

Director, Resilience & Cyber, UK Finance

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Laura Catterick is the Director of Resilience & Cyber at UK Finance, which is the collective voice for the UK banking and finance industry, representing over 300 firms and supporting members in their efforts to build more resilient firms and a more resilient financial sector.

Within UK Finance, Laura works closely with industry leaders, government, and regulators, influencing policy on operational resilience and cybersecurity at a national level. UK Finance also co-chairs CMORG (Cross Market Operational Resilience Group) to deliver collaborative resilience initiatives that address systemic risks.

Laura is a Chartered Professional Accountant from Canada with extensive experience in risk, regulatory compliance, cyber security, operational resilience, and large-scale transformation. She has held senior executive roles within highly regulated sectors, including roles across all three lines of defence within Deloitte, PricewaterhouseCoopers, Lloyds Banking Group, and Mastercard.

Josh Cross

Chief Operating Officer, SS&C Technologies

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Josh Cross brings over 30 years of experience in Technology, Operations, Delivery and Transformation within the Australian Financial Services industry. His expertise spans Trade Finance, Institutional and Corporate Lending, Consumer Lending, Share Trading, Insurance and Superannuation.

Josh joined SS&C in July 2025 through a lift-out from Insignia Financial – one of Australia’s largest Superannuation and Investment providers, known for its growth through large-scale acquisitions and technology separations from major Australian banks.

In his current role, Josh leads the SS&C  Business Process Outsourcing (BPO) function, which delivers technology, operations, and service delivery for more than one million Australian across multiple technology eco-systems, supported by a team of approximately 1300 staff. Over the next three years, Josh will also lead the major transformation of the underlying superannuation platforms and processes, migrating to SS&C’s Bluedoor ecosystem.

Lt Gen Michelle McGuinness, CSC

National Cyber Security Coordinator, National Office of Cyber Security

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Lieutenant General Michelle McGuinness, CSC was appointed as Australia’s National Cyber Security Coordinator (the Coordinator) on 26 February 2024.

As the Coordinator, LTGEN McGuinness leads national cyber security policy, the coordination of responses to major cyber incidents, whole of government cyber incident preparedness efforts, and the strengthening of Commonwealth cyber security capability. 

LTGEN McGuinness has served in the Australian Defence Force for 30 years in a range of tactical, operational, and strategic roles in Australia and internationally.

Prior to this appointment, LTGEN McGuinness most recently served as Deputy Director Commonwealth Integration in the United States Defense Intelligence Agency. In this role, she led policy and cultural reform, and technological integration, including interoperability across information technology, systems and data.

Jamie Bonic

Global Head of FX and Commodity Sales, NAB

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Jamie Bonic is NAB’s Global Head of FX and Commodity Sales, responsible for several FX-related sales businesses including NAB’s Institutional, Corporate, and Government teams.  Prior to joining NAB, Jamie spent 17 years in London working for JPMorgan as a Managing Director in their Global Markets division, leading sales and trading across Interest Rate and FX products. Jamie holds a Bachelor of Economics from The University of Sydney and is currently based in Sydney.

Katie Miller

Deputy CEO, Regulation, AUSTRAC

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Katie Miller is the Deputy CEO, Regulation, AUSTRAC and has strategic responsibility for AUSTRAC’s regulatory, policy and legal functions. 
Katie has extensive experience exercising regulatory functions and advising regulators at state and federal levels. Katie is a published author on issues involving regulation, law and technology and supports connections between government, practitioners, communities of practice and academia. 

Derek Thompson

Via live link

Best Selling Author, Podcast Host of 'Plain English'

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Few speakers can match Derek Thompson‘s ability to synthesize mega-trends in society, labor, economics, technology, and politics. Put another way: Derek trawls the data sets and does the forecasting and deep reporting necessary to help us better understand how we live, how we vote, how we spend, and how we work.

In his paradigm-shifting #1 New York Times bestseller, Abundance (co-written with Ezra Klein), this award-winning journalist reveals how our policies and culture have pushed us into a world of scarcity (not enough housing, workers, or progress)—and offers a radical new path towards a world where housing is affordable, energy is plentiful, and innovation flourishes across industries.

He shares a compelling vision of a future where we have more than enough for everybody, and a practical, actionable roadmap for how to get there. It starts with taking more risks, building more expansively, and recognizing that we all have the power to create a world of abundance. “Everything’s utopian until it’s reality,” he says.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

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Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

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Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.