The final report of the Royal Commission has laid groundwork for improvement of the financial services industry through detailed reforms, and will help build a more trusted sector, according to the SMSF Association.
John Maroney, the chief executive of the SMSF Association, said Commissioner Kenneth Hayne identified significant areas for reform which would subsequently result in creating a true profession.
In particular, he indicated the recommendations aimed at ‘fees for no services’ scandal would remove conflict of interest across the industry and establish a “coherent system of professional discipline”.
“The 12-month Royal Commission process and the intense media scrutiny it received, as well as the public reaction to the final report, makes it abundantly clear that Australians want to be able to unreservedly trust the financial advice they receive,” he said.
“Sound advice is crucial to the financial wellbeing of Australians, and from the perspective of the SMSF sector, it’s crucial trustees get quality advice that they can confidently use to make financial decisions about their retirement income strategies.”
Maroney said the Association would scrutinise the implementation of the Royal Commission’s recommendations, which would help deliver conflict-free and high-quality advice to their clients.