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Advice reform stalls as Jones dithers on SOA, safe harbour changes

Even with a lightened agenda, the government failed to finish its homework and instead delivered only a portion of the first tranche of advice reforms. It’s a poor return, and at this rate the advice review could be a ten-year project.

Tahn Sharpe | 16th Nov 2023 | More
‘Too big an issue’: Levy questions whether super funds can handle advice expansion role

If super funds can’t implement the retirement income covenant’s mandate to provide retirement guidance, the review lead pointed out, how are they going to handle the responsibility of saving financial advice?

Staff Writer | 27th Jul 2023 | More
Levy details ‘frustration’ with consumer groups opposing advice review proposals

The infamous open letter penned by advice review leader Michelle Levy wasn’t so much a slight on the government, she explained, but an expression of her consternation with CHOICE. “I think there’s a very profound misunderstanding,” she said.

Tahn Sharpe | 1st Jun 2023 | More
  • Insignia’s Mota: Advice review to ‘start opening doors’ for the industry

    The 16,000 advisers providing full-service, holistic advice aren’t the ones who can plug the advice gap, Mota explained. Levy’s plan, however, has the potential to facilitate a “quantum shift” in the industry.

    Tahn Sharpe | 4th May 2023 | More
    Adopt advice review plan now, ASIC can smooth any creases later: Levy pens open letter

    The advice review lead had said she wouldn’t comment on the recommendations while the government pondered its response. But with the consultation dragging on, she urged the government to get it done and let ASIC do the refinement.

    Tahn Sharpe | 2nd May 2023 | More
    ‘Somewhat bemused’: Advice review lead, industry push for the adoption of proposals

    Michelle Levy said she was ‘puzzled’ by the government’s decision to conduct a consultation on the proposals handed down in the advice review, while industry leaders urged for the adoption of her reform suite.

    Tahn Sharpe | 2nd Mar 2023 | More
  • New best interests duty to cover broader swathe of advice service providers

    In Levy’s new world, conflicts and vertical integration are likely to be accommodated by a new statutory best interests duty with a broader scope and a lower, more flexible bar in an effort to bring advice to the masses.

    Tahn Sharpe | 13th Feb 2023 | More
    Safe harbour steps to go as Levy sticks (mostly) to the advice reform script

    Levy made no major deviations in her final suite of proposals, with Treasury left to mull on a blueprint for reform that should usher in a less prescriptive, two-tiered advice regime. But there are a few tweaks that might raise eyebrows.

    Tahn Sharpe | 9th Feb 2023 | More
  • ‘No compromises’: Levy details advice review mindset

    “I don’t think anyone told me that things are going well,” said Michelle Levy of the advice review consultation process. Despite being given disparate views on how to fix things, the lawyer believes compromise was never an option.

    Tahn Sharpe | 2nd Feb 2023 | More
    Exodus reversing? Adviser numbers on the rise in 2023

    The green shoots that emerged for adviser numbers in the back half of 2022 were no fluke, with provisional advisers leading an industry resurgence after five years of decline.

    Tahn Sharpe | 30th Jan 2023 | More