Jones commits to affordable advice
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.”
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.