NIBA / Representation
REPRESENTATION: 2023 IN REVIEW While it’s safe to say 2022 was dominated by the Quality of Advice Review, NIBA’s policy and advocacy work for 2023 has focused on a varied range of issues across both state and federal government. Below is a sample of the issues and submissions NIBA engaged on throughout the year. As always, NIBA’s advocacy would not be as strong if not for the work of our divisional committees and members- we thank you for your insight and support over the past year. SENATE REVIEW OF ASIC INVESTIGATION AND ENFORCEMENT
The year kicked off with the Parliamentary Joint Committee on Corporations and Financial Services review of ASIC investigation and enforcement. The Review, which was referred to the Committee in late 2022, considered the capacity and capability of ASIC to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct. In particular, the Review focused on whether ASIC was meeting the expectations of government, business, and the community with respect to regulatory action and enforcement and the range and use of the regulatory tools available to ASIC and their effectiveness in contributing to good market outcomes. NIBA’s submission highlighted the challenges of a one-size-fits-all approach to financial services regulation and the impact this approach has on advisers and their clients, especially in the wake of the Royal Commission.
2023-24 PRE-BUDGET SUBMISSION
In the lead-up to the 2023-24 Budget, the Federal Government called for submissions from individuals, businesses and community groups on their views regarding priorities for the upcoming Budget. NIBA provided a submission outlining measures that it believes would increase household resilience to natural disasters.
In its submission, NIBA called for the expansion of the newly established Disaster Ready Fund (DRF) to allow Australian homeowners in disaster-prone areas to undertake urgent household-level disaster mitigation projects. While reiterating its support for the public mitigation measures that are proposed to be funded by the DRF, the submission highlighted that for many communities, public mitigation works will have little impact on improving resilience to natural disasters and that
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household-level mitigation works should be carried out in lieu of/to complement community-level mitigation. The submission highlighted that such a program would have a number of benefits including reducing the risks and costs associated with recovery from natural disasters, contributing to the economy by creating jobs and stimulating investment in the construction and engineering sectors, promoting community resilience and reducing insurance premiums.
