At the start of the year, Money Management published an article that 2022 would be ‘the year to take a breath’ after three years of increased regulation and compliance following the Hayne Royal Commission, not to mention a small thing called the COVID-19 pandemic.
What we didn’t know thenwas the industry would also see the beginning of the Quality of Advice Review which was announced in March. This sought to make advice more affordable and accessible and reduce the level of red tape in the industry.
The proposals put forward have been largely welcomed by advisers and member organisations and the final paper is currently sitting with minister for financial services, Stephen Jones, ahead of publication.
One area to watch from the proposals will be how much the changes lead to the return of institutions into the advice space as well as the volume of advice that is provided by superannuation funds going forward.
If one review wasn’t enough, a second review by the Australian Law Reform Commission sought to simplify financial services legislation and sought feedback from the industry on areas such as advice definitions and sophisticated investor tests.
So, unlike other years, this has been a unique year where advisers could have their say on how they want the industry to be shaped going forward rather than being dictated to by the regulator.
This year also saw the acquisition of Money Management and Super Review by Momentum Media and I look forward to more developments next year, including the in-person return of the prestigious Money Management Fund Manager of the Year awards in May.
Thank you to all of our readers of Money Management and Super Review for your thoughts and comments throughout the year and I wish all our readers a Merry Christmas and a Happy New Year.
Thank you for the good work in overnighting the publication of Money Management