Date posted: 27/09/2022

Submission on Review of the quality of financial advice: Terms of Reference December 2021

Following from the Hayne Royal Commission recommendations, the Government has released for feedback and stakeholder views draft Terms of Reference for the ‘Advice Review’.

CA ANZ supports raising the standards of financial advice to better serve and protect consumers. We are wholeheartedly committed to helping the industry move forward and fix something that is clearly ‘broken’. We therefore support this review as recommended by Justice Hayne in his findings from the Royal Commission into Misconduct into the Banking, Superannuation and Financial Services Industry. 

We believe there is, and will continue to be, a need for trusted advisers to look after the financial advice needs of everyday Australians. This will be best served by providing a legislative environment which is consumer centric, with a reduction of regulatory overlay whereby high quality, professional and ethical financial advice can become more affordable to Australian small businesses and individuals. 

Chartered Accountancy has been a true profession for decades. This review needs to consider the role of accountants within the industry. Consumers trust Chartered Accountants (CAs) in the financial advice industry and this needs to be appropriately recognised.

  • Once the Reviewer issues the initial paper considering all the feedback from the stakeholders, there will be an opportunity to lodge a submission. CA ANZ had welcomed the opportunity.
  • The final report of the Quality of Advice Review (QAR), is expected to be released to the Government by December 2022.

PODCAST: CA ANZ participates in Quality of Advice Review

We recently participated with other industry policy experts to discuss some of the important issues with regulation we hope to see addressed in the Quality of Advice Review.

Listen now

Submission on Quality of advice review proposal response

CA ANZ comments on Quality of Advice Review Consultation paper - Proposals for Reform.

Read submission