{"id":76426,"date":"2025-03-24T14:41:06","date_gmt":"2025-03-24T03:41:06","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=76426"},"modified":"2025-03-25T09:49:16","modified_gmt":"2025-03-24T22:49:16","slug":"dbfo-tranche-2-industry-responds","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2025\/03\/24\/dbfo-tranche-2-industry-responds\/","title":{"rendered":"DBFO Tranche 2 – Industry Responds"},"content":{"rendered":"

Reaction to the Government’s draft legislation that Statements of Advice will be replaced with Client Advice Records has been positive, with the FSC among those welcoming the move.<\/p>\n

FSC CEO Blake Briggs<\/strong> says he’s pleased Government is maintaining momentum on delivering advice reform.<\/p>\n

\u201cOn the eve of the federal election, the financial services industry can view the financial advice reform package release as indicative of the Government\u2019s continued commitment to the reform agenda following the election.\u201d<\/p>\n

The draft legislation includes the replacement of the statement of advice with advice records.<\/p>\n

\"\"
Blake Briggs…Red tape is costing consumers.<\/figcaption><\/figure>\n

\u201cLayers of red tape and onerous regulation has meant that financial advice now costs more than $5,000 in some cases, putting it out of reach for millions of Australians.<\/p>\n

“The Government\u2019s broader financial advice reform package has the capacity to reduce the cost of providing advice by forty per cent.”<\/p>\n

CALI has also welcomed the Federal Government\u2019s continued progress on financial advice reform, describing the announcement as an important step towards more accessible and affordable advice.<\/p>\n

…onerous regulation has meant that financial advice now costs more than $5,000…<\/p><\/blockquote>\n

\u201cThis announcement confirms the Government\u2019s commitment to reforming financial advice and improving financial outcomes for all Australians, but there\u2019s still more work to do,\u201d says the organisation’s CEO Christine Cupitt<\/strong>.<\/p>\n

\"\"
Christine Cupitt.<\/figcaption><\/figure>\n

\u201cCALI has long advocated for more affordable, accessible financial advice by allowing life insurers to provide simple answers to simple questions at no extra cost to them.”<\/p>\n

Elsewhere, Insignia Financial Chief Customer Officer Renee Howie<\/strong> says the\u00a0client advice record is a much-needed reform.<\/p>\n

“However, reforms to best interest duty and the removal of the safe harbour steps are also necessary to facilitate more affordable advice for Australians.”<\/p>\n

Kent Griffin<\/strong>, CEO and MD Acenda, says the proposed reforms will help simplify the advice framework, “…ensuring consumers can access advice in a format that is easy to understand and tailored to their individual needs”.<\/p>\n

“We look forward to collaborating with industry on the full implementation of this reform package to improve financial outcomes for millions of Australians,” he says.<\/p>\n

See: SoAs Out, CARs Back to the Future<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reaction to the Government’s draft legislation that Statements of Advice will be replaced with Client Advice Records has been positive, with the FSC among those welcoming the move. FSC CEO Blake Briggs says he’s pleased Government is maintaining momentum on delivering advice reform. \u201cOn the eve of the federal election, the financial services industry can […]<\/p>\n","protected":false},"author":23,"featured_media":76467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8282],"tags":[],"class_list":{"0":"post-76426","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-government"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/76426","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\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=76426"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/76426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/76467"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=76426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=76426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=76426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}