Quality of Advice Review to take recent reforms ‘into consideration’: Levy

The Quality of Advice Review (QAR) will look at some key recent reforms in the sector, including the design and distribution obligations, the retirement income covenant and the consumer data right.

In an issues paper, QAR reviewer Michelle Levy addressed the scope of the review, which also reiterated that professional standards, which are currently under review by government, are excluded from the QAR.

“These reforms will be taken into consideration as part of the regulatory framework that specifically applies to financial advice,” Ms Levy wrote.

“However, the review will not be undertaking a detailed analysis of the operation of these reforms.”

Industry stakeholders are being encouraged to submit feedback to the issues paper, which government hopes will “identify opportunities to streamline and simplify regulatory compliance obligations to reduce cost”.

“This review will consider how the regulatory framework operates holistically. The framework should assist the people we entrust to provide financial advice to do so as effectively and efficiently as possible,” Ms Levy wrote in the issues paper.

“This issues paper is just the start of the consultation process. I look forward to engaging with a wide range of stakeholders throughout the rest of the year as part of developing the review’s recommendations.”

Submissions close on 3 June 2022, while the QAR will be provided to the government by 16 December.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.