Matt Lawler, AMP’s Director of Advice, comments on the release of the Quality of Advice Review’s Terms of Reference and appointment of reviewer:
“We welcome the release of the Quality of Advice Review's Terms of Reference and appointment of Ms Michelle Levy as the reviewer.
“The Review is an important opportunity to rethink regulations relating to financial advice and implement positive change, which puts the consumer at the centre.
“While many of the changes to the industry in recent years have been beneficial for consumers, the increasingly complicated and regulated advice process has increased the cost for those receiving advice, putting it out of reach for many. For those delivering advice, including financial advisers and AFSLs, there are increased costs that have been absorbed as much as possible, but this also challenges the economic viability of providing advice.
“Importantly, the sector needs to come together and agree on a package of changes that will be supported by all to make a real difference. While as an industry we would like to see change occur as soon as possible, the due date of December 2022 indicates there is a genuine desire to make substantial improvements, and to take the time to get this right.
“AMP will work closely with professional associations such as the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), the Financial Services Council (FSC) and consumer advocate groups on a package of reforms which improve the quality and affordability of financial advice for everyday Australians.”
You can read more from Matt Lawler in relation to the Quality of Advice Review here.