The purpose of the Quality of Advice Review announced by the Morrison government late last year was to assess how the regulatory framework could deliver better outcomes for consumers.
As something that IFS has been advocating amongst industry partners and clients for some time, we welcomed the Review and strongly support the key issues under investigation.
The key changes IFS calls for, include:
• wholesale reform to create an entirely new regulatory framework rather than continue to tinker with the old one
• our industry to be supported in the design of new and consumer-orientated service models
• regulation to be less prescriptive and more principles-based, allowing professional advisers to exercise their judgement
• expansion of the intrafund charging rules to enable super funds to provide retirement advice to ordinary Australians
• ASIC to offer a private ruling service to enable funds to innovate their service offers
• disclosure to be simplified.
You can read our original submission to the Review here.
Following review of submissions, Treasury released its Proposals for Reform in August 2022, again inviting consultation from industry.
IFS welcomed the opportunity to provide feedback to Treasury on the Proposals for Reform Paper. You can review our submission here.
IFS provides a range of advice services to profit-to-member super funds, including licensing, technology, training and assurance. Our partner funds collectively have over 5.5 million members for whom they safeguard over $500 billion of retirement savings. Our ambition is to enable our partner funds to improve the retirement of their members, and advocate for the millions of members who never receive personal financial advice.
We look forward to measures being delivered to streamline the regulatory framework and help improve access to affordable financial advice for all who need it.
Contact Adrian Gervasoni on 0407 058 497 if you would like to know more.