What happens next with improving the quality, accessiblity and affordability of the provision of financial advice?

National Conference 2023

Michelle Levy will deliver her Quality of Advice Review report to the Government in mid-December. The proposals contained in the report are expected to be far reaching and likely to have significant impact on the SMSF sector, the role of licensed financial advisers and the role of institutional product providers, including superannuation funds, banks, investment managers and insurers.

There is no doubt that the regulatory framework for financial advice in Australia need significant reform. How best to reform that framework has been under intense scrutiny during 2022, with extensive consultation and discussion of proposed recommendations. Once the report has been finalised, it is up to the Government and the Parliament to determine which of the proposals will be implemented and then up to the industry and regulators to implement the necessary changes. An expert panel will examine all aspects of the proposals and the Government’s response, if it is available, and will share their views on what implications will arise for the various players across the financial sector, including the SMSF sector. This session is a must for all those interested in the future regulation of financial advice.