The Quality of Advice Review (QAR) will look at some key recent reforms in the sector, including the design and distribution obligations, the retirement income covenant and the consumer data right.
In an issues paper, QAR reviewer Michelle Levy addressed the scope of the review, which also reiterated that professional standards, which are currently under review by government, are excluded from the QAR.
“These reforms will be taken into consideration as part of the regulatory framework that specifically applies to financial advice,” Ms Levy wrote.
“However, the review will not be undertaking a detailed analysis of the operation of these reforms.”
Industry stakeholders are being encouraged to submit feedback to the issues paper, which government hopes will “identify opportunities to streamline and simplify regulatory compliance obligations to reduce cost”.
“This review will consider how the regulatory framework operates holistically. The framework should assist the people we entrust to provide financial advice to do so as effectively and efficiently as possible,” Ms Levy wrote in the issues paper.
“This issues paper is just the start of the consultation process. I look forward to engaging with a wide range of stakeholders throughout the rest of the year as part of developing the review’s recommendations.”
Submissions close on 3 June 2022, while the QAR will be provided to the government by 16 December.
Like a rodent on a wheel. While we have lawyers running this circus the industry ain’t going anywhere
Oh yes Jane, yes Josh, we are waiting for you at the next election. Never have I seen such enthusiasm in a group of influence multipliers line up against a government that should by all rights have looked after financial services. We are waiting for you with electoral base ball bats, we cannot wait to see the end of you and your disgraceful government. I note you managed to put in place a Josh keeper allowance for the next budget. Who pays for that? Is that self interest at play? Should we have a Royal Commission into the conflicts of interest of the government?
Jane Hume and the Liberals continue their interference in financial services.
Soon. Soon they will be gone.
The interference will continue regardless who wins – it’s been getting worse with each new parliament.
I can’t decide who is going to screw us most. Labor to help their industry fund mates or Liberal to help banks and institutions. You know neither of them care about small business advice firms.
I’m thinking that its time to vote for an independent or The Sex Party; neither Labor nor Libs deserve my vote
Just another exercise of lawyers getting paid their huge hourly rates without any accountability for the outcomes of their actions. Every time a lawyer has been given the responsibility to “fix” the financial planning industry the direct result of their actions is a significant worse outcome for advisers and clients. I’m sure the engagement with a wide range of stakeholders will ignore the two most important parties, advisers and clients, it always does.
Here we go.
Sit back and watch this play out and leave everyday, hard working independent advisers left behind and even worse off than they are now…if that is at all possible.
I guarantee this will be a dismal and very expensive failure.
100% agree, another Frydenberg led Real Adviser stitch up on the way.
the only hope is to get rid of Frydenberg, Ms Hume, LNP & Ms Press from ASIC.