The Labor Government has been urged to act quickly on the challenges facing the financial advice industry following the swearing-in this morning of Anthony Albanese as Prime Minister, after he led his party to victory in Saturday’s federal election.

Mr Albanese is expected to name his full Cabinet line-up next week after his trip to Tokyo for a major regional security meeting tomorrow with the US, Japan and India.

The Financial Planning Association (FPA) says it is looking forward to “effective collaboration” on the pressing issues affecting the financial planning profession after the full ministry is sworn in next Wednesday.

“We are expecting the new Government to quickly deliver on its election commitment to provide much-needed certainty to the profession on education standards, including providing for a framework to better recognise relevant experience,” FPA CEO Sarah Abood said.

She says the FPA has already had good engagement with then Shadow Minister for Financial Services and Superannuation Stephen Jones in the past and that it looks forward to working further with the Albanese Labor Government.

“We will continue to work with all stakeholders on policies and initiatives that contribute to affordable financial advice for all Australians and a sustainable financial planning profession for the future,” Ms Abood said.

“We are expecting the new Government to quickly deliver on its election commitment to provide much-needed certainty to the profession on education standards, including providing for a framework to better recognise relevant experience.”

The FPA says it has prioritised a number of issues for the 47th Australian Parliament to address, including the Australian Securities and Investments Commission’s industry funding model and education standards, the creation of a Compensation Scheme of Last Resort, better regulation of “finfluencers” and tax deductions for the provision of financial advice.

Financial Services Council CEO Blake Briggs says the Labor Government will be responsible for delivering on some important initiatives, such as the upcoming Quality of Advice Review and implementation of measures to make advice affordable and accessible.

“We’re looking forward to working with the new government on its election commitments and identifying policies that will grow the financial services industry,” Mr Briggs said.

The Association of Financial Advisers also congratulated Mr Albanese, with CEO Phil Anderson saying the peak body looks forward to working with his Government as soon as they have their ministry in place.