Quality of Advice Review issues paper released

The independent reviewer appointed to oversee the Federal Governments’ Quality of Advice Review has released an issues paper, calling for industry and public feedback on a range of issues affecting the general insurance, life insurance and financial advice sectors.

The paper which was launched by the independent reviewer, Ms Michelle Levy, late last month argues that quality and accessibility, and affordability are not mutually exclusive concepts but rather can both be supported by a simpler regulatory system.

These comments are in keeping with the review’s objective of determining how changes to the regulatory framework could better enable the provision of high-quality, accessible and affordable financial advice.

In addition to considering the regulatory framework surrounding advice, including carveouts from conflicted remuneration and safe harbour obligations, the review will also consider issues such as underinsurance, personal, scaled, and general advice models and whether current disclosure documents should be amended.

Submissions to the issues paper close on 3 June 2022, with the final report to be provided to the Government by 16 December 2022.

NIBA has been working hard behind the scenes over the last few months, preparing for the review. Regularly engaging with Treasury, the review secretariat, as well as current and Shadow Cabinet Ministers. To find out more about how you can support NIBA’s advocacy work surrounding the Review, visit www.niba.com.au/advocacy/.