Minister for financial services, Stephen Jones, has stated his commitment to financial advice after meeting with Quality of Advice Review reviewer Michelle Levy.
Jones said he supported the review continuing under its current Terms of Reference and was pleased with the progress made so far.
Most financial services associations had now made their submissions to the Review including 12 organisations who made a joint submission. These called for five priorities;
- Recognising the professionalism of financial planners;
- Addressing the needs of clients including easier-to-understand documentation;
- Achieving regulatory certainty;
- Improving sustainability of profession and practices; and
- Facilitating open data and innovation.
Jones said: “The Government is committed to ensuring that Australians have access to high quality and affordable financial advice.
"The Review provides an important opportunity to streamline and simplify the regulatory settings for financial advice to reduce cost and remove duplication.
"Alongside the Review, I remain committed to looking at reforms now to assist financial advisers in being able to meet the needs of their clients including the education requirements for experienced financial advisers.”