23 June 2022

The Government is committed to ensuring that Australians have access to high quality and affordable financial advice.

As part of delivering on this commitment, I have met with Ms Michelle Levy, the independent reviewer conducting the Quality of Advice Review and support the Review continuing under its current Terms of Reference. I look forward to receiving the Review’s final report and recommendations on 16 December 2022. 

The Review provides an important opportunity to streamline and simplify the regulatory settings for financial advice to reduce cost and remove duplication. 

Alongside the Review, I remain committed to looking at reforms now to assist financial advisers in being able to meet the needs of their clients including the education requirements for experienced financial advisers. 

I am pleased with the progress of the Review, and the significant contribution that the financial advice industry, consumer bodies and regulators have made to the Review’s progress to date.

Submissions on the Quality of Advice Review Issues Paper have now closed and are available on the Treasury website: https://treasury.gov.au/consultation/c2022-259464