SMSF Association welcomes Michelle Levy’s Review appointment

The SMSF Association welcomes the appointment of Allens Partner Michelle Levy to lead a review of regulations overseeing the financial advice industry.

“A specialist in superannuation, life insurance, distribution and financial services law, Levy will bring the necessary expertise and experience to this critical issue of over-regulation that is confronting the financial advice industry,” says SMSF Association CEO John Maroney.

“Aside from her legal work, her roles as a member and former chair of the Law Council of Australia’s Superannuation Committee and a member of the ATO’s Superannuation Industry Stewardship Group make her ideally suited to this position.”

Maroney says that after years of continual regulatory change, the advice framework is complex, convoluted and costly, so this review is both important and timely.

“Affordability and access to advice is a significant issue so it presents an opportunity to investigate how the regulatory framework can deliver better outcomes for consumers by simplifying and reducing the cost of regulatory compliance.”

The Federal Government released the Terms of Reference for the Quality of Advice Review late last week. It will invite submissions from the public and consult with stakeholders, with the report to be handed to the Government by 16 December 2022.