Labor welcomes the release of Terms of Reference for the upcoming Quality of Advice Review and the appointment of respected lawyer Michelle Levy as inquirer.
 
We encourage the public and all stakeholders to engage with the call for submissions so that Ms Levy can be as informed as possible as she goes about her duties.
 
With super balances rising and Australians living longer than ever in retirement, there has never been a more important time for them to access sound, independent, cost-effective financial advice.
 
Yet thanks to the Morrison Government’s ineptitude, it has never been harder for them to obtain it.
 
The Levy Review is an opportunity to make sense of the mess the Morrison Government has created in the Financial Advice industry.
 
But it should not be used to excuse Scott Morrison’s inaction.
 
It will not bring back the 11,000 advisors who have left the industry in the last three years.
 
And it will not address the real complaints financial advisors have about the nonsensical professional development requirements the Morrison Government has imposed on the industry.
 
Labor has already announced we’ll recognise the experience of advisors with at least ten year’s experience and a clean record, rather than requiring them to meet the Liberal’s disastrous education requirements.
 
We know such an approach will keep more advisors in the industry and keep a lid on fees.
 
And we know every month that goes by without addressing the real problems within the industry is another month Australians go without the affordable, reliable advice they need.