Australian groups demand better PII oversight, urging reforms to protect consumers and fix systemic flaws in financial services.

Australian accounting and financial advisory groups are urging Treasury to improve transparency and data collection on professional indemnity insurance (PII) claims, highlighting gaps in public information about payouts, denials, and pending cases. They stress PII should not replace systemic safeguards and call for stronger oversight by ASIC and APRA, better governance, and expanded PII coverage across the financial services sector. The Financial Advice Association Australia and Insurance Council of Australia argue that reforming the Compensation Scheme of Last Resort requires addressing root causes like conflicts of interest, weak regulation, and outdated coverage limits—not minor PII adjustments—advocating for targeted reforms, updated rules, and enhanced enforcement to ensure long-term sustainability and consumer protection.