SMSF Association Submission – Aged Care Steps discussion paper Licensing and Regulations for Aged Care Advice: Discussion Paper

The SMSF Association welcomes the opportunity to provide this submission in response to Aged
Care Steps discussion paper Licensing and Regulations for Aged Care Advice. We acknowledge that
aged care funding models, systems and terminology are confusing and complex, making it difficult
for families to understand and engage with. This highlights the need for suitably qualified
professionals to assist families with the advice, support, and information they need in making
decisions for their loved ones that takes into account their specific needs and circumstances.

We understand the concerns that have been raised surrounding the unethical behaviour of some
unlicensed providers that have transitioned to aged care following reforms to the financial advice
sector or those who have vested or conflicted financial interests. As well as the cases of elder abuse
observed. We support measures that ensure appropriate consumer protections and improve the
regulation of the sector. This however must be carefully balanced along side regulatory burden and the impact that will have for consumers and professional advisers.