Quality of Financial Advice review - recommendations adopted

The Government has announced that it will adopt the bulk of Quality of Advice review recommendations. The Government said that announced reforms aim to address the high cost of advice, to better protect consumers, to bolster ethical standards and to “ensure Australians can…

The Government has announced that it will adopt the bulk of Quality of Advice review recommendations. The Government said that announced reforms aim to address the high cost of advice, to better protect consumers, to bolster ethical standards and to “ensure Australians can access helpful information that could make a meaningful difference to their quality of life in retirement”. The Government also said that it will develop legislation (“Delivering Better Financial Outcomes”) over the coming year, broken into 3 streams, as follows: Stream one – removing onerous red tape that adds to the cost of advice with no benefit to consumer; Stream two – expanding access to retirement income advice; and Stream three – exploring new channels for advice.

Read the media release here.