IFA: Taking a deep dive into DBFO 1.5 with Phil Anderson

In this episode of The ifa Show, hosts Keith Ford and Maja Garaca Djurdjevic are joined by Phil Anderson, general manager of policy, advocacy and standards at the Financial Advice Association Australia (FAAA), to break down the latest tranche of financial advice reforms.

With an election on the horizon, there won’t be any meaningful movement on the draft legislation, but the version delivered last week has fallen well short of the FAAA’s expectations, with Anderson characterising the association’s response as having a “fairly strong tone of disappointment”.

Listen as they discuss:

• What’s in the Delivering Better Financial Outcomes (DBFO) exposure draft – and what isn’t.
• Why the FAAA is so strongly against the legislation in its current form.
• The specifics around what advice super funds would be allowed to collectively charge members.
• Whether there are any real differences between the proposed client advice record and a statement of advice.
• How little there was in the budget for financial services and advice.