30th Jan AMA: I'm Phil Anderson, GM Policy, Advocacy & Standards at FAAA, Ask Me Anything!

Hi Kenny. Good to hear from you. I hope you are well also. Further to my earlier answers, it is fair to say that DBFO is currently looking like a mixed bag, with delayed progress on Tranche 2 and some ongoing issues with Tranche 1. We are currently working with Treasury and ASIC on a problem with fee consent forms, in that the adviser must include an account number on the form that is provided to product providers, however for new products, this account number may not be available at the time of the application. We are also working through implementation issues around the ability to change the anniversary date for the purposes of both renewal and the provision of fee consent to the product provider. There is clearly a lot more work that needs to be done to get what we really want out of this, which is substantial improvements in efficiency. We will keep working hard to better achieve this outcome in 2025.