QAR to be published in next few weeks

Stephen Jones is unlikely to release his findings regarding the Quality of Advice Review (QAR) this month, given the impending Australia Day public holiday. But according to a spokesperson for the Minister, the report will be made public in the next few weeks.

Last month, Mr Jones said Michelle Levy’s final QAR report, which was submitted to the government on 16 December, would be a part of his Christmas reading list.

“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.

Also at the time, Mr Jones noted that while he had received many requests to share his views regarding Ms Levy’s recommendations, he did 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.

Speaking to ifa prior to the news hub obtaining official confirmation of the likely QAR release date, the general manager of the Association of Financial Advisers (AFA), Phil Anderson, said his assumption is that the report’s official release date won’t be for another few months.

“We do not have a clear timeline for the release of the QAR final report and the government’s response, however, we assume that this might take a few months as the report was undoubtedly a very substantial document and included some far-reaching recommendations,” Mr Anderson said.

“The QAR has been a very fundamental review of financial advice, with the potential to deliver very significant improvements for both financial advisers and their clients. We would like to see these improvements in play as soon as possible. However, we do understand that these reform processes take time,” he added.