Government announces Quality of Advice reviewer

The Morrison government announced on Friday the release of the Terms of Reference for the Quality of Advice Review and the appointment of Michelle Levy as the reviewer.

Superannuation and financial services minister Jane Hume said that the review presented an opportunity to assess how the regulatory framework could deliver better outcomes for consumers.

Ms Hume said that the review will investigate whether there are opportunities to streamline and simplify regulatory compliance to reduce costs and duplication.

It will also assess how to improve the clarity and availability of documents provided to consumers and whether parts of the regulatory framework have created unintended consequences.

Commenting on her appointment, Ms Levy said that she was pleased to lead the review.

“I believe there are many ways we can improve the regulation of financial advice, making it easier for Australians to receive quality advice when they need it and in a form they want. I am optimistic about what we can achieve,” she said.

Ms Levy is currently a partner at law firm Allens and specialises in financial services, life insurance and superannuation law.

She is a member and former chair of the Law Council of Australia's Superannuation Committee and a member of the ATO’s Superannuation Industry Stewardship Group and has been recognised by Chambers Asia‑Pacific for the past eight years as a leading lawyer in Financial Services Regulation and Superannuation.

The review will invite submissions from the public and consult with stakeholders, including consumers, industry, and regulators.

A report will be provided to the government by 16 December this year.

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.