An adviser lobby group has attacked the federal government’s next tranche of advice reforms, saying the proposals are “pretty disappointing” after more than three years of work to improve accessibility and affordability of financial help.

Financial Advice Association Australia says “substantial change” is needed based on its initial read of the draft bill, which the government has put up for consultation.

CEO Sarah Abood says the association’s biggest concern is that the bill “appears to give super trustees the ability to collectively charge for comprehensive retirement advice.

“The other key area left unstated is who can offer this type of advice – whether that can be offered via the ‘new class’ of adviser or only via qualified professional financial advisers (many of whom are already working successfully in super funds).

“We will continue to analyse the draft legislation provided ... However, on a first read we cannot support it without substantial change.

“This is a pretty disappointing outcome considering the large amount of time and resources that have been invested over three years to finding ways to deliver high-quality financial advice to more Australians.”

The association has also criticised the proposed requirement for a new client advice record, which will replace the statement of advice regime.  

“We were hoping for a much lower level of prescription ... sadly, this section of the draft legislation is also disappointing,” Ms Abood said.

“Analysing the requirements for the new client advice record … we haven’t found a material difference between these obligations and those for statements of advice.”

Life insurer Acenda has responded more positively to the draft Treasury Laws Amendment Bill 2025.

CEO and MD Kent Griffin said: “We welcome this positive step towards addressing Australia’s significant unmet need for financial advice.

“These reforms will help to simplify the advice framework, ensuring consumers can access advice in a format that is easy to understand and tailored to their individual needs.”