FSC Chief Breaks Down Government's Consumer Protections and Industry Reform Address

#34. The new era of super legislation: how much is too much—and who pays? Sarah and Neil dig into the government's proposed reforms with Financial Services Council CEO Blake Briggs, uncovering the central tension: how do you craft effective consumer protections after the First Guardian and Shield disasters, without layering on so much complexity and cost that it stifles the industry and confuses members?

The discussion pulls no punches on who shoulders the fallout from bad actors—with good advisers, super funds, and even unrelated sectors picking up the multimillion-dollar CSLR tab for a handful of failures.

Blake Briggs is blunt: unless reforms get costs down, the logic of "spreading pain" through ever-wider levies won’t last. The episode also covers why banks are being deliberately sidelined from the new advice model, the ongoing struggles to police dodgy lead generation and advertising, and the philosophical question of whether we’re training the public to expect zero risk; or shouldering the cost for market events nobody can insure away.

Who should listen:

Product, risk, or legal leads at APRA-regulated super funds facing a regulatory overhaulAnyone working in compliance, policy, or practice management wrestling with uncertainty about CSLR costs or due diligence reformsTrustees or directors trying to gauge what the next three years look like in advice, advertising, or member communications

Highlights04:01 Engaging with industry regulations

09:14 Challenges in Financial Advisory Market

12:16 New rules on financial cold calls

13:43 Legitimate competition in financial advice

19:46 Discussing market risk and consumer expectations

22:32 Superannuation due diligence improvements

25:33 Changes to CSIR compensation rules