EXCLUSIVE A lack of regulatory confirmation is making it difficult for firms to move into the digital advice space, according to abrdn, and changes under Quality of Advice Review this week won’t yet lead to real progress.
The Joint Associations Working Group has met with Minister for Financial Services, Stephen Jones, in Canberra to work together on the response to the Quality of Advice Review.
The government has clarified details on why a sunset clause is excluded from experience pathway legislation, introduced to the House of Representatives this week, despite industry pushback during the consultation period.
According to advisers, the decision to streamline ongoing document requirements following the Quality of Advice Review will alleviate much of the red tape involved in the profession.
A Western Australian financial adviser is on trial for allegedly stealing $1 million from the superannuation accounts of eight clients to fund his gambling habit.
OnePath Custodians has been fined $1.46 million for failing to direct 125 member contributions to a MySuper product.
The government has announced it will adopt the bulk of Quality of Advice Review recommendations, which has been largely welcomed by industry bodies.
The government has issued its formal response to the Quality of Advice Review, covering removing regulatory red tape, expanding access to retirement income advice and exploring new advice channels.
Superannuation funds are expected to be the big winners in this year’s Quality of Advice Review as Association of Superannuation Funds Australia deputy chief executive, Glen McCrea, welcomes the formal response.
A panel of industry experts believe there is a role for banks to play in providing advice but are expectant of the Quality of Advice review‘s recommendations focusing on superannuation funds.
