Last month, the Federal Government appointed financial services legal expert Michelle Levy to lead the Quality of Advice Review.
The review will assess opportunities to streamline and simplify regulatory compliance, as well as any unintended consequences of the rules and regulations introduced since the 2012 Future of Financial Advice reforms.
At the time of her appointment, Ms Levy said, “I believe there are many ways we can improve the regulation of financial advice, making it easier for Australians to receive quality advice when they need it and in a form they want…I am optimistic about what we can achieve.”
From an industry perspective, AIA believes the review represents a fundamental opportunity to revisit and shape the legislative framework in a way that will make the provision of advice easier and more affordable.
This will be an important focus for the AIA team this year, and we need your input.