michelle levy

The Financial Services Council and its provider members are putting their weight behind the advice review leader’s suite of reforms as the December 16 delivery date looms.

Review leader Michelle Levy said the proposals need to look at the “full universe” of providers. If ‘good advice’ is to replace best interests duty while also opening the gates to product providers, the duties involved will need to fully match the breadth of that task.

Concern about Michelle Levy’s insurance advice consent proposal is off the mark and shouldn’t get in the way of reform, the association’s chief executive says.

Transaction has become a dirty word in financial services yet trust and strong professional relationships can be built on regular transactions over time, according to Bell Direct CEO Arnie Selvarajah.

Life insurance advisers should retain commissions at their current level, the advice review leader proposed, but only on the condition that clients sign explicit consent agreements acknowledging conflicted remuneration.

The global ETF and would-be superannuation fund provider believes a scaled compliance model would better serve the domestic advice market.