Jones promises QAR response ‘very soon’
Minister for Financial Services, Stephen Jones, has commended the Quality of Advice Review (QAR) as a “thoughtful piece of work” with wide-ranging recommendations and promised a government response “very soon”.
Speaking at the SIAA 2023 conference, he said: “Just like I did with the experience adviser pathway, I’m determined to work with industry and regulators to get it right and make a meaningful difference.
“I want to make sure the profession is properly regulated and governed so that people and processes are best placed to give consumers the advice they need.
“We also want to have a conversation on how to get more advice to more Australians in a safe way that puts [consumers] at the centre.”
Jones said the government intended to make changes quickly within the legislative timeline the Parliament allowed.
Since the release of Michelle Levy’s final proposals in mid-February, there had been no formal response from the government on the matter, although the minister had broached the topic at a number of adviser roadshows since.
In an interview with the Financial Services Council (FSC) shortly after the federal budget was announced, Jones said he was expectant of a position by June.
“If we didn’t have a budget in May, that would have been out in the field now. We will have a cabinet consideration in a few weeks’ time. I hope to be in a position in late May or early June,” he said.
AUTHOR
Rhea Nath
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