Media Release

ASFA welcomes draft FoFA legislation

Published 29 January, 2014

Published 29 January, 2014

29 January 2014

ASFA welcomes draft FoFA legislation

The Association of Superannuation Funds of Australia (ASFA) is pleased that the draft Future of Financial Advice (FoFA) legislation, released by the Government today, does not change the definition of intra-fund advice.

The ability to deliver intra-fund advice in its current form enables all superannuation funds to provide real help to fund members regarding their interest in the fund. By not further limiting the definition, fund members will continue to have access to this important service.

ASFA CEO Ms Pauline Vamos says this is a good outcome for fund members.

“One of the key pillars of our superannuation system is ensuring people can get the most out of their superannuation. At the very least, this includes access to basic advice that helps them make simple decisions regarding their accounts.

“ASFA has long said that the cost of this service should not have to be met directly by the member, but instead should be able to be paid for collectively across the fund or fund division. We are pleased that the draft legislation contains measures that do not prevent this.

“We look forward to reviewing the draft legislation in detail and consulting with the Government in order to ensure the final legislation delivers outcomes in the best interest of fund members.”

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300.

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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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.