Login
iscover
The Financial Services Council (FSC) is hoping to drive a massive simplification of advice in order to prevent it from being increasingly unaffordable for the everyday consumer.
Newsletter
FSC pushes for financial advice reform
19 April 2021
•
8 minute read
“The burden of compliance is doing nothing to help consumers, it’s actually putting advice beyond the means of average Australians, and driving advisers out of the sector,” said FSC CEO Sally Loane.
“Our aim with these proposals is to lower the cost of providing financial advice to make it simpler for consumers to understand and access, all without undermining the quality of advice or eroding important consumer protections.”
The FSC Green Paper, Affordable and Accessible Advice, also recommends abolishing the administratively complex “safe harbour” steps so that the Code of Ethics is the single tool for complying with best interests duty, and is part of a move by the lobby group to lead the public policy debate on the governing and professionalisation of advice.
“We are keen to hear from a wide range of stakeholders, particularly advisers. As leaders in policy development, we have a great opportunity to reset the system for affordable, quality and professional financial advice, a critical component in enhancing the savings, wealth and peace of mind for every Australian,” Ms Loane said.
“The status quo will mean advice will consolidate in the wealthy elite, and will remain out of reach for the average consumer.”
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
More to come.
You need to be a member to post comments. Become a member for free today!
