Michelle Levy to appear on upcoming Quality of Advice Review panel

Michelle Levy, who will head up the upcoming Quality of Advice Review (QAR), is set to appear on a panel that will be “dissecting” the review.

Ms Levy will join the panel at the SMSF Association’s Technical Summit on the Gold Coast on 27 to 28 July, alongside BT Financial Group’s head of financial literacy and advocacy Bryan Ashenden, FPA chief executive Sarah Abood, AFCA acting leading ombudsman, investments and advice Shail Singh, and Institute of Public Accountants Group executive, advocacy and policy Vicki Stylianou.

“The panel will examine what the quality and affordability of advice will look like in the future,” SMSF Association CEO John Maroney said.

“It will also provide an opportunity for the industry to collaborate on proposed practical solutions to remove complexity and lower costs.”

The news comes after Financial Services Minister Stephen Jones revealed late last month that he had met with Ms Levy to discuss the QAR, expected to be released in December.

“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,” Mr Jones said, adding that he supports the review continuing under the current terms of reference.

“I look forward to receiving the review’s final report and recommendations on 16 December 2022.”

Alongside the review, Mr Jones said he remains 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”.

A number of industry groups have publicly issued their QAR submissions to Treasury in recent weeks, including the FPA, AFA, SIAA, ClearView and the Joint Associations Working Group (JAWG).

Despite calls for professional standards and education requirements to be looked at in the QAR, reviewer Ms Levy said in March that while some key reforms will be addressed, professional standards will be excluded.

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

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

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.