Adviser survey ranks Jones worst amid policy delivery fails

Mike Taylor

Managing Editor and Publisher

17 June 2024

Financial advisers have lost confidence in the Assistant Treasurer and Minister for Financial Services, Stephen Jones with a Financial Newswire survey revealing adviser rate him the worst performing minister out of the last six to hold the portfolio.

At the same time, the survey has revealed that more than 80% of respondents regard the Albanese Labor Government’s performance on financial services policy has been very poor and that it has not lived up to its promises.

The survey also confirms that where advisers wanted the Government to deliver was on the implementation of the Quality of Advice Review (QAR) with respondents listing as being their priority issue.

In fact, the QAR implementation was listed ahead of the Compensation Scheme of Last Resort (CSLR) the Australian Securities and Investments Commission (ASIC) levy and the superannuation performance test.

When it came to the performance of Jones against those of past ministers, respondents gave highest marks to former Liberal minister, Mathias Cormann, followed by Liberal Senator Sinodinos.

However, disturbingly for Jones, he was rated last behind Stuart Robert, Jane Hume and Kelly O’Dwyer.

Asked to explain the reasons for their responses advisers appeared to reflect the fact that they had initially hoped that Jones would act to address what he once described as the “hot mess” he had found in the financial planning sector.

“The Government promised to address costs of advice driven by red tape and has so far only increased red tape,” one respondent said.

Another said: “The Government came into power based on their promise of reducing the cost of financial advice by addressing the current convoluted compliance regime, so they should do what they say making financial advice more efficient”.

In fact, nearly half of all respondents cited the Government’s failure to address the red tape burden in the time it has been in office, despite its early promises.