The Future of Financial Advice Review offers an opportunity to get the balance right on compliance versus cost.
. Before the 2012 Future of Financial Advice reforms, some would have argued a necessary level of consumer protection was lacking. But after the FOFA reforms and then the 2018 Hayne royal commission, the pendulum has swung too far the other way.
In this regulatory environment, the Quality of Advice Review could prove a circuit-breaker – an opportunity to reset the advice parameters to allow trustees to benefit from specialist advice that is scalable, affordable and accessible. It is imperative that government, regulators and industry seize this opportunity.
So, the system for providing financial advice should be scalable in accordance with the risk involved, the number of areas of advice and the complexity or simplicity of the matter. The consumer’s level of financial knowledge and sophistication should also be a factor.Take starting a pension, for example, a common procedure for SMSFs. SMSF investors should be able to get advice solely related to it.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘New normal’: Project Phoenix reveals future of Sydney public transportSydney public transport patronage is expected to settle into a ‘new normal’ in 2023 that’s well below pre-COVID levels, government analysis reveals | Rabe9
Read more »
Ricciardo cements F1 future with McLarenBREAKING NEWS: Daniel Ricciardo has made an announcement about his future. 👀 9WWOS
Read more »
Andrews has threatened our future in a rush to hide the pastThe politicians are making the decisions, not doctors. Under this government that means decisions with an eye on the ballot box, not necessarily protection of the people | OPINION from 3AWNeilMitchell
Read more »
Barty addresses golf future amid Wimbledon snubAsh Barty spoke emphatically when asked if she's considering her future in professional sport. 9WWOS
Read more »
Severe erosion leaves Sydney's beaches 'sitting ducks' to future wild weatherErosion on Sydney's beaches is nearing a dangerous tipping point, an expert warns, with up to 30 metres stripped off some beaches and another La Niña event expected later this year.
Read more »