Government to move quickly on some QAR recommendations, Minister says

Speaking at the annual conference hosted by the Association of Independently Owned Financial Professionals (AIOFP), Financial Services Minister Stephen Jones said he expects to receive Michelle Levy’s final report by the end of this week, but added that he would not be providing “running commentary”.

Instead, the Minister said he would consult with advisers next year.

“I made a commitment upon coming to government that I wouldn’t cancel all the work that had been done around the Quality of Advice Review. Michelle Levy — I met with her within the first week of being sworn in and I told her I wanted the work to continue. I told her I want a report before Christmas and I anticipate I will receive that by the end of next week,” Minister Jones said.

“That will be a part of my Christmas reading so that I am in a position early next year to consult with you [advisers] on the reforms that we’re able to put in place as a result of that review,” he added.

Mr Jones noted that while he has received many requests to share his views regarding Ms Levy’s recommendations, he does not wish to “breach my principles”.

“Time and time again, I’ve been asked by members within [the] industry and the product manufacturers to express views on the things that are subject to Michelle’s review whether it’s about the quality of advice or commission issues, and I’ve been steadfast in the commitment I gave to her and the principle I’ve adopted publicly, and that is I’m not going to pre-empt the outcome,” the Minister said.

“What I’m hopeful of, is that I will get a report that we can work on as a government and to the extent that we can get the low-hanging fruit through and there is some obvious stuff on my mind which removes things that are done in the name of consumer protection but in reality aren’t providing that but are providing cost and red tape,” Mr Jones said.

“We can move through those things quickly, but there might be other things that take more thought,” he added.

Mr Jones also hinted that he would take “a look” at the exam format once the QAR outcomes are assessed.