SIAA welcomes government reforms aimed at increasing consumer access to advice

SIAA welcomes the government’s comprehensive package of financial advice reforms that are aimed squarely at increasing consumer access to quality advice and removing regulatory burden.

Commenting on the Minister’s announcement today, SIAA CEO, Judith Fox stated that SIAA is supportive of the banks and insurers being included in the personal advice model, as well as superannuation funds.

“The current lack of access to quality and affordable advice for most Australians can lead to consumer harm, with the advice gap being filled by social media, scams and unregulated guidance,” Ms Fox said.

“We support financial institutions as well as superannuation funds being allowed to give customers simple, quality personal advice, with safeguards built in to ensure consumer protection. We are pleased to see that the Minister also recognises the important role that digital advice will play in increasing consumer access”, she added.

The government package contains proposals that are aimed at reducing the regulatory burden for all advice providers, including Financial Advisers.

“Replacing the compliance-focused statements of advice with a consumer-focused advice record that is in plain English and provides the information the consumer needs to make an informed decision is a great step forward, as is modernising the best interests duty to ensure customers receive helpful advice, including on single or limited scope issues”, Ms Fox stated.

“There is a lot of detail to work through with this package and we look forward to working with the government as it consults with industry on how best to implement these reforms”, Ms Fox concluded.

Contact:
Judith Fox, CEO
0408 667 246

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