{"id":61803,"date":"2022-07-18T15:13:04","date_gmt":"2022-07-18T05:13:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=61803"},"modified":"2024-10-30T08:43:41","modified_gmt":"2024-10-29T22:43:41","slug":"qoa-review-advisers-urged-to-have-their-say","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/07\/18\/qoa-review-advisers-urged-to-have-their-say\/","title":{"rendered":"QoA Review &#8211; Advisers Urged to Have Their Say"},"content":{"rendered":"<p>Time is running out for advisers to make their own contribution to the critically-important Quality of Advice Review via an <a href=\"https:\/\/research.orima.com.au\/treasury\/qualityofadvicereview\/\" target=\"_blank\" rel=\"noopener\">official survey<\/a> being conducted for the Treasury by ASIC.<\/p>\n<p>All active advisers on ASIC&#8217;s <a href=\"https:\/\/moneysmart.gov.au\/financial-advice\/financial-advisers-register\" target=\"_blank\" rel=\"noopener\">Financial Advisers Register<\/a> have been sent an email by the regulator requesting the completion a survey whose purpose is &#8220;&#8230;to understand how the current regulatory settings impact financial advisers&#8217; ability to provide high quality and affordable financial advice.&#8221;<\/p>\n<p>A summary of the areas on which the Treasury is seeking adviser feedback includes:<\/p>\n<ul>\n<li>Advisers&#8217; plans to remain in or exit the advice profession<\/li>\n<li>The Safe Harbour steps presently required under the Future of Financial Advice reform legislation<\/li>\n<li>Benefits or disadvantages associated with limited and\/or scaled advice<\/li>\n<li>Disclosure documents, especially as they relate to Statements of Advice<\/li>\n<li>Conflicted remuneration, including the impact of the commission caps built into the Life Insurance Framework reforms<\/li>\n<li>Reducing the regulatory burden currently applying to the delivery of financial advice<\/li>\n<li>Future automated and digital advice solutions<\/li>\n<\/ul>\n<p>The message to advisers at the commencement of the survey is that your feedback is important and will help identify opportunities to improve and refine current regulatory settings.<\/p>\n<blockquote><p>&#8230;the survey will be a key input to the QoA Review exercise<\/p><\/blockquote>\n<p>Industry stakeholders such as the AFA and XY Adviser are also urging their respective adviser member bases to participate in the survey; AFA chief, <strong>Phil Anderson<\/strong>, telling Riskinfo he believes the survey will be a key input to the QoA Review exercise.<\/p>\n<p>Anderson notes that, at least in part, some of the questions in the survey are complex, such as those relating to the Best Interests Duty safe harbour and the obligation to \u201ctake any other step that, at the time the advice is provided, would reasonably be regarded as being in the best interests of the client, given the client&#8217;s relevant circumstances\u201d. He says it\u2019s important for advisers to consider these questions carefully, adding that the AFA has long argued against the existence of the \u201cother steps\u201d obligation in a safe harbour because it lacks clarity and certainty, and has a big impact on the ability to provide advice efficiently:<\/p>\n<p>\u201cThe options being floated are the total removal of the safe harbour or alternatively the removal of the \u201cother steps\u201d obligation,\u201d says Anderson. \u201cBoth would make a big difference,\u201d he concluded.<\/p>\n<p>The survey request was sent to advisers in early July, with recipients being urged to check their email junk folders if they don&#8217;t recall receiving the message, which was sent by: <em>governmentqualityofadvicereview@asic.gov.au<\/em>.<\/p>\n<p>Participation in the survey, which is being managed by an external research firm, is entirely voluntary, and all responses will be confidential.<\/p>\n<p><a href=\"https:\/\/research.orima.com.au\/treasury\/qualityofadvicereview\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to access the Quality of Advice Review Survey of Financial Advisers, which closes this coming Friday 22 July.<\/p>\n<p><em>Editor&#8217;s Note: This is a rare and golden opportunity for the individual adviser voice to reach regulatory and Government decision-makers directly &#8211; but as you have your say, bear in mind the likelihood that your views will carry much more weight if you underpin your comments with evidence and facts that will support your position.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Time is running out for advisers to make their own contribution to the critically-important Quality of Advice Review via an official survey being conducted for the Treasury by ASIC. All active advisers on ASIC&#8217;s Financial Advisers Register have been sent an email by the regulator requesting the completion a survey whose purpose is &#8220;&#8230;to understand [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":61808,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8282,270],"tags":[],"class_list":["post-61803","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-government","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/61803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=61803"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/61803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/61808"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=61803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=61803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=61803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}