The consultation paper acknowledges what we and many in the financial advice profession have been saying for some time, that over-regulation has had a severe impact on the ability of advisers and licensees to provide an accessible and affordable service to Australians. In our view, the pendulum had swung too far.
We will closely review the proposals and work with our colleagues in the various professional associations and licensee forums to provide feedback ahead of the final report.
On initial review we’re encouraged by proposals to simplify the advice delivery process. We’re also supportive of measures that would encourage investment in technology and new ways of delivering advice in more affordable ways to more Australians.