The final report of the Quality of Advice Review is a comprehensive road map to delivering good advice to more consumers within a strict consumer protection framework.
Financial advice delivers a direct tangible benefit to consumers, and the failure of the current regulatory framework to deliver affordable advice on the topics consumers need is causing financial harm for millions of Australians.released by the assistant treasurer this week
Levy analyses in detail how her approach would give advisers latitude to provide consumers advice on the topics they need, at the points in their life they need it, within a robust consumer protection framework.The 267-page final report clinically outlines the consumer protections that should dispel the ghost of “dodgy” financial advisers from this debate once and for all:Superannuation funds must act in the best financial interests of their members.
Extending more choice to consumers will drive competition in the sector and force all providers to improve the quality of their services, develop digital solutions, and put downward pressure on advice fees.
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