Industry Fund Services (IFS) welcomes the opportunity to provide feedback to Treasury on the exposure draft legislation on delivering the first tranche of the Delivering Beter Financial Outcomes package of reforms.
IFS is supportive of the Government’s proposed measures to make financial advice more accessible to everyday Australians. As one of Australia’s largest providers of financial advice through superannuation, IFS understands the critical role that simple, quality personal advice can play in improving the retirement outcomes of Australians.
While we support the proposed legislative amendments contained within the draft exposure bill, we are concerned that the drafting of some of them will cause issues for advice providers, or not achieve their intended purpose. Where this is the case, we have outlined proposed alternative wording for Treasury’s consideration.