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Quality of Advice Review handed to government
The Financial Planning Association (FPA) chief executive officer Sarah Abood has called on the Financial Services Minister Stephen Jones to act quickly on the Quality of Advice Review. The final report was handed to the government in December last year.
“The Review is a critical opportunity to reduce the cost of providing advice in Australia and improve the ability of Australians to get access to high-quality professional financial advice,” she said.
“The FPA believes the regulatory costs of providing personal advice must come down to help improve the affordability of advice for consumers and ensure there is a level playing field for the regulatory requirements and standards imposed on advice providers.”
The FPA and its members were encouraged by the principals included in Michelle Levy’s proposal paper last year and its focus on a ‘principles-based approach’ to regulating financial advice.
The FPA says new regulatory requirements must build consumer trust, reduce input costs, facilitate an increase in financial advice providers, ensure accountability and be fair and equitable.
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