SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the draft terms of reference for the Review of the Quality of Financial Advice (“Review of Advice”).
Significant complexity resides within the financial advice legislative framework and continues to grow.
As such, there is an urgent need for a considered and detailed wholesale review of the current legislative framework, the compliance burdens impacting advisers and licensees in practice and the role of ASIC as regulator.
The Review of Advice should not be rushed and must deliver real, consultative reform. Otherwise, the advice sector will be crushed under the heavy burden of legislative complexity, significant compliance obligations and costs, to the detriment of consumers seeking professional, practical, quality, and affordable financial advice.
Broadly, the draft terms of reference are well-considered and, in our view, include the key issues and aspects in need of urgent review and reform. However, there are several other matters we recommend be included in the final terms of reference.