regulation

“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.

In a letter released by the group Thursday it said “urgent action is needed”, and called the government’s impending response a “rare opportunity to deliver affordable and accessible advice to consumers”.

The percentage of paraplanners that have ambitions to become qualified financial advisers has decreased dramatically, with several key drivers behind the change.

The financial services minister is looking at tackling scammers at the source: “Does our barista down the corner really need my email address, my bank details, my name and my mobile phone number just to buy a cup of coffee?”

Implementing the current proposal for ‘experienced’ advisers to skip the relevant degree mandate will do far more harm than good, the association argues, with both current and future advisers turned off by the plan.

New income thresholds for seniors health cards, downsizer rules, the transfer balance cap, changing work test requirements and the Home Equity Access Scheme are the five most common technical problem areas for advisers in 2022.