Levy to head all-star cast to dissect Government’s response to QAR

July 4, 2023

SMSF Association Media Release

The SMSF Association has scored a major coup in having Michelle Levy, Allens Partner and lead author of the Quality of Advice Review (QAR), discuss the Federal Government’s response to this groundbreaking report at its Technical Summit on the Gold Coast on July 26-27.

In one of her first public appearances since the Government’s response, Levy will be joined by SMSF Association CEO Peter Burgess, Financial Service Council Executive Director (Policy & Advocacy) Spiro Premetis and BT Financial Group Head of Financial Literacy & Advocacy Bryan Ashenden, to dissect a report that will have major ramifications for the advice industry.

The Association has cautiously welcomed the Government’s response as a positive step towards ensuring Australians have greater access to high quality, accessible and affordable financial advice.

In particular, it has endorsed replacing Statements of Advice (SOAs) with a record of advice that is more fit-for-purpose and streamlining the ongoing fee renewal.

Other industry participants have been more critical of the Government’s response, arguing that the decision by the Minister for Financial Services, Stephen Jones, to only accept 14 of the 22 recommendations “in full or in principle” will fail to improve the quality of accessibility of advice for the millions of Australians who need it.

Levy, who has publicly expressed disappointment with the Government’s response, has argued that the recommendations that haven’t been accepted “are those that really address accessibility and will also help improve quality of advice.”

Burgess says Levy’s forthright views, when coupled with the insights of the other panellists, will guarantee a lively and informative Technical Session that will be of enormous interest and benefit for all the SMSF specialists attending the Summit.

“The Association always strives to make the Technical Summit topical and stimulating and having Michelle on this panel is in keeping with this tradition.”