With the Quality of Advice Review’s Michelle Levy handing over her final report last week, Government is now taking time to consider the report before releasing it publicly.
The report was to be completed by December 16 and handed to Government.
A spokesperson for Assistant Treasurer and Minister for Financial Services Stephen Jones re-affirmed previous statements that the Minister had been clear “… we will take our time to consider it before releasing it publicly.”
Meanwhile, the FPA welcomed Levy’s handing down of the final report of the Quality of Advice Review to the Government, “…and eagerly awaits its findings by … Stephen Jones.”
FPA CEO, Sarah Abood, says it’s “…crucial the Minister moves quickly to reduce the regulatory burden that financial planners are under, which has seen significant cost added to the profession over the past 10 years.”
“The review is a critical opportunity to reduce the cost of providing advice in Australia and improve the ability of Australians to get access to high quality professional financial advice.”
She says that while waiting to see the final recommendations “…our members were encouraged by those made in the Proposal Paper earlier this year, including a more principles-based approach to regulating the provision of financial advice.” (See: Scrap SoAs – QoA Review Recommendation).
