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Sensible amendments to Bill reflect complexity surrounding financial advice

Media Release | 04 July 2024

The Association of Superannuation Funds of Australia (ASFA) says that Minister Jones’ amendments to remove the s99FA(1)(a) and (b) provisions of the first tranche of legislation to implement the Government’s Delivering Better Financial Outcomes (DBFO) reforms, demonstrates he has listened to the diverse voices in the  sector and has acted.

The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill is a constructive step towards enhancing the availability of financial advice for superannuation members by reducing red tape and improving the efficiency of accessing advice.

ASFA welcomes the Government’s proposed amendments to the Delivering Better Financial Outcomes Bill.

ASFA has consistently called for the legislation to be passed without delay, and we believe this change will ensure a smoother passage and bring us closer to people being able to access more affordable advice sooner.

“This reflects the Minister’s commitment to listen to the sector and to work constructively on a solution,” ASFA CEO Mary Delahunty said.

“Removing barriers to change is welcomed by the sector, and we look forward to working constructively with the government on the next tranche of changes.”

ASFA calls on the Parliament to pass the amended legislation.

“ASFA and the sector look forward to working with the government on the next tranche of legislation. We are optimistic that meaningful solutions to Australians’ access to advice limitations will soon be enacted,” Ms Delahunty said.

ASFA remains committed to working towards increased access to quality and affordable advice. Financial advice — including through superannuation — is essential for improving retirement outcomes for all Australians.



For further information, please contact ASFA Media team: 0451 949 300

About ASFA

ASFA, the voice of super, 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. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.

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