Treasury has confirmed the next stage for the Quality of Advice Review will be a proposal paper issued within weeks.
The terms of reference for the review, led by Michelle Levy, were presented in March and organisations and individuals had until 3 June to make their submissions.
The next stage would be a proposal paper which Treasury said would be available soon.
A spokesperson for Treasury told Money Management: “The next step of the Quality of Advice Review will be the release of a consultation paper seeking feedback on proposals for reform. This paper is expected to be released in mid-late August 2022 and will be available from Treasury’s Quality of Advice Review website”.
The Quality of Advice Review aimed to ensure all Australians could access high quality, affordable and accessible financial advice and was expected to publish its findings by the end of the year.
Issues raised in submissions included the labour and time involved in Statements of Advice, how to help lower-value clients, digital advice and financial advisers’ education requirements.
