Australia: regulation of aged care advisers urged
Date postedOctober 24, 2024
The Financial Advice Association Australia (FAAA) is pushing for stricter regulations on aged care advice to ensure that only licensed professionals provide such services. They argue that unlicensed providers could cause significant financial harm to older Australians. The FAAA supports better education on the importance of qualified financial advice in aged care and stresses that advisers should not face additional regulation, given their existing obligations under the Corporations Act and Code of Ethics. They advocate for a system that maintains user-pays while protecting current arrangements.
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