The government will cut red tape around financial advice setting up superfunds to become the primary source of assistance for the majority of Australians as they plan for their future.
The decision to loosen some rules around advice comes as part of the government's response to the Quality of Advice Review handed down by Allens' partner Michelle Levy last year.
He added there were about five million Australians at or approaching retirement who need more retirement income advice, but were unable to secure it due to shortages in the industry and high costs for consultation. Mr Jones said funds"must play an expanded and more effective role" in offering financial advice to members as they work to plan for retirement. Picture: Getty Images
"We are not ruling out any recommendations and will finalise our position on the remaining recommendations before the end of the year," he said. "We want to ensure that they're able to navigate that system with the best advice available to them in their own interests and ensure that they make that money work for them.
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