The group has laid out the recommendations it believes can be implemented in the immediate short term (also see: Many Voices, One Message<\/a>).<\/p>\n The JAWG says that the QoA Review provides \u201c\u2026a series of carefully considered recommendations that taken together represent a holistic package of reform that will protect consumers and make advice safer, more accessible, and more affordable.\u201d<\/p>\n However, \u201c\u2026we also understand that to implement all of the recommendations as a holistic package may take significant time. In the interim, many Australians will continue to be denied access to the financial advice they need, or worse, may seek or otherwise receive advice from other unqualified channels to their financial detriment.\u201d<\/p>\n In acknowledging the Government\u2019s commitment to resolving this issue, the JAWG supports the review recommendations being implemented in stages, rather than as a holistic package.<\/p>\n The group believes that the following recommendations can be implemented in the immediate short term:<\/p>\n …these short-term reforms have the collective potential to reduce the cost of advice…<\/p><\/blockquote>\n The group says these short-term reforms \u201c\u2026have the collective potential to reduce the cost of advice, making advice more scalable and more accessible.”<\/p>\n A Longer Timeframe<\/strong><\/p>\n JAWG believes that recommendations that will require a longer timeframe to implement include:<\/p>\n Amendments to the Code of Ethics to remove any inconsistencies with the new best interests duty.<\/p>\n The group also noted that that quality financial advice can have a significant positive impact on the financial wellbeing of an individual, however \u201c\u2026for many years there has been much discussion but no effective action to make financial advice more affordable and accessible to more Australians.\u201d<\/p>\n “With five million Australians near to, or at, retirement and fewer than 16,000 financial advisers, the need for effective regulatory reform is even more pressing.”<\/p>\n The Joint Associations Working Group is an established working group comprising key associations representing Australia\u2019s financial services industry and professional financial advisers. It says that collectively it represents more than 90% of advisers on the Financial Advisers Register and most major financial services firms.<\/p>\n Below: The signatories to the letter to Stephen Jones.<\/em><\/p>\n The Joint Associations Working Group is calling for the QoA Review\u2019s recommendations to be implemented in stages, rather than as a holistic package. In a letter to Minister for Financial Services, Stephen Jones, the group says this will “…ensure immediate gains can be made, including substantially reducing the cost of accessing financial advice.\u201d The group […]<\/p>\n","protected":false},"author":24,"featured_media":65512,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-65504","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65504","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=65504"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/65512"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=65504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=65504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=65504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2022\/06\/Stephen-Jones-2022-1-e1654519583104-250x300.jpg\")
<\/a>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/letter-1-e1682378387637.png\")
<\/a>![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2023\/04\/Letter-2.png\")
<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"