A coalition of 13 industry bodies representing investors, wealth managers, accountants and stockbrokers has urged the government to dump its plan to implement “obvious and easy” changes to financial advice laws and instead pursue more ambitious holistic reform to boost consumer access.
. “The government has a rare opportunity to deliver affordable and accessible advice to consumers as an outcome of its response to the [review].” Ms Levy’s draft report explicitly stated that an objective of her report was to “make it easier” for banks, super funds and insurers to offer simple forms of advice to low-balance customers.
The joint bodies referenced the line in their letter. “The reforms must extend beyond easy wins such as streamlining fee disclosure requirements and iron-out obligations like the design and distribution obligations,” they wrote. “Australian consumers will be left behind without the adoption of a holistic package of reforms.