advice reform

The government’s plan to offer more flexibility around simple and scoped advice dovetails well with the advice format consumers prefer, according to new research from Investment Trends.

The likely advent of a new class of ‘simple’ advice providers will reshape the industry ecosystem. According to FAAA members, there are four key issues that need addressing before this key reform is implemented.

Financial services minister Stephen Jones has accepted 14 of Michelle Levy’s 22 recommendations to increase advice access, with super funds set to play an expanded role and advisers benefitting from a drastic cut to red tape. Banks and insurers, however, have had their advice reform hopes dashed – for now.