Joint submission to the Minister of Financial Services on delivering affordable and accessible advice
CA ANZ as part of the Joint Associations Working Group (JAWG) has lodged a submission urging the government to commit to adopting a holistic package of reforms through the Quality of Advice Review process.
- Thirteen associations make a joint submission to the Minister of Financial Services
- Increased access to quality financial advice is needed
- Changes to poor regulatory settings necessary
The Joint Association Working Group (JAWG) which is made up of 13 associations including CA ANZ, wants to collaborate with the government on implementing much needed change to improve financial advice.
The government’s response to the Quality of Advice Review has the potential to fundamentally improve Australian consumers’ access to financial advice.
In a letter to the Minister for Financial Services, JAWG urged that any response to the Quality of Advice Review must increase access to quality financial advice, while maintaining appropriate consumer protections that are proven to work in the interests of consumers. To JAWG this means the government’s package will only succeed if it:
- Ensures consumers can get scaled advice, that is the advice they want, how they want it, and when they want it, including via digital means.
- Supports a professional financial advice sector, by increasing the number of financial advisers and financial advice providers, while maintaining a level playing field.
- Removes regulatory and disclosure requirements not benefiting consumers.
- Reduces the time and cost to prepare quality financial advice.
- Establishes a regulatory approach that facilitates the provision of financial advice without uncertainty or shifting goalposts.
The Joint Association would like to see these reforms introduced into Parliament this year and anticipate the release of the government’s final report.