Recent updates from the Australian Law Reform Commission’s review of the legislative framework for financial services regulation have given us a clearer picture of what kind of changes are possible in advice law. Now, an advice association has suggested going one step further by removing licensees from the equation entirely.
Two advisers speak out on what needs to change in the legislative framework for financial advice. If the current system isn’t actually helping clients get advice, what is it good for?
The passage of the Better Advice Bill introduced new oversight for adviser conduct and professional standards. Now that Jane Hume has released further details about the composition of the Single Disciplinary Body, is everything clearer? Not quite.
Labor Senators have argued that the current scope of the CSLR, which will see advisers on the hook for the majority of the scheme’s costs, will lead to “poor outcomes” and won’t help to prevent another Sterling First.
Recent Parliamentary discussions have raised the question of whether investment product promoters should be mandated to offer financial advice to prospective customers. How would this work in practice?
Due to be finalised by December, the Quality of Advice review represents one of the best opportunities in many years to revisit and rework some of the most glaring issues in the legislative framework for financial advice. However, it will only be effective if it doesn’t repeat the same critical mistake that’s informed so many recent advice reforms.
Despite the proposed experience pathway receiving broad approval, one advice industry body thinks it will undermine the professionalisation of the sector – and undercut the efforts of all those advisers who worked to get a FASEA-approved degree.
At around the same time the Consumer Action Law Centre issued a stern warning against the Government’s open-minded approach to life insurance commissions within the Quality of Advice review, we asked our community what their biggest concerns are for 2022. The review – and life insurance more broadly – topped the list. Is it time to re-examine the LIF’s effects on advice accessibility?
As the election draws closer, both parties have offered similar solutions to some of the advice industry’s woes – but do either actually understand the core problem?
A Parliamentary committee just heard from multiple industry associations about the dangers of a proposed policy that’s currently stuck in pre-election legislative limbo.
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