The financial system inquiry, Future of Financial Advice (FOFA) legislation and tax agent reforms will be high on the agenda for the industry’s professional groups next year.

The Association of Financial Advisers (AFA) says the Government has begun a consultation on MySuper and default super, while the inquiry is a chance to address important issues.

“We are actively engaged with the Government and expect to provide significant input in the financial system inquiry and any other inquiries that may be subsequently launched,” COO Phil Anderson said.

The AFA supports proposed changes to FOFA and is “looking forward” to the announcement on amendments.

The Financial Planning Association says its focus next year includes making FOFA more workable by cutting red tape.

“In this area we seek to reduce costs for advisers, making advice more affordable for more Australian consumers,” CEO Mark Rantall said.

The group will also fight to improve the Tax Agent Services Act, ensuring unnecessary compliance and “additional, irrelevant education” is minimised, he says.

Next year’s AFA’s national conference will be in Cairns from October 11-14.