In a statement issued hours after Financial Services Minister, Stephen Jones, announced the government’s policy stance on the second and third tranches of the Quality of Advice Review (QAR), the Coalition slammed the government for yet again leaving the industry with “unanswered questions and lack of regulatory certainty”.
“The government was handed a considered and timely review by Ms Michelle Levy that would have provided safer, simpler, and cheaper financial advice to all Australians. This would have had positive benefits to the economy as well as to consumers,” shadow treasurer Angus Taylor said.
“Instead, the government has delayed, second guessed the reviewer, and after failing to deliver a response in the budget, finally delivered a full response to what should be a seminal productivity roadmap for our financial advice sector.
“This is both disappointing and unsurprising,” Mr Taylor noted.
He said that while the Coalition supports the concessions that financial advice reforms need to extend beyond superannuation, “these reforms are meaningless” if Labor plans to unwind the Your Future, Your Super reforms.
The Coalition has been a vocal supporter of Ms Levy and the QAR, and has on several occasions called on the government to implement the review in full. It’s also been heavily critical of Mr Jones’ ambiguous statements regarding timelines for delivery.
“The government’s final response to the review still lacks concrete timelines for delivery, leaving the industry with significant unanswered questions and lack of regulatory certainty,” the Coalition’s statement reads.
The Coalition now plans to “closely examine” the proposal before finalising its position.
It also intends to examine the government’s deviations from the Levy review to “ensure” that the implementation is “simple, scalable, and supports good outcomes for consumers and the advice industry”.
I have said to everyone years ago once banks sold the insurance etc… of that they would come back in, they knew what was happening and how to manipulate it, what were they up to $4 billion in fines? and still allowed to come back in, if any of us did any of what they did we would be kicked out or in gaol, white collar crime, no doubt they will break the rules and get away with it again and again.
I can’t say I’m an independent adviser – even though I am.
These unqualified advisers will be called qualified advisers.
What a joke.
Spot on, it makes a mockery of any attempt to Professionalise our Industry that is craving for a member of Canberra to stand up to this garbage that we have been subjected to, and continue to have a businesses turned on their head again.
The Coalition could leverage this to a win if they keep their commitment to implement qoar in full
LNP gave us 9 years of Frydenberg Kill Advisers mas BS mass triplicated over regulation.
LNP DO NOT have any right to take the high water mark on Adviser mass over regulation.
ALP promised to fix the Hot Mess and now want Bank & ISA Back Packers call centers as Advice.
LNP & ALP BOTH MAKE ME SICK !!!!!!!!
LNP OWNED AND RUN BY BANKS
ALP OWNED AND RUN BY INDUSTRY SUPER.
THEY WILL COMBINE FORCES TO PASS THIS RUBBISH.
My big challenge with today’s announcement is that super funds, insurance companies, banks, brokers can appoint “qualified advisers”. On what grounds? My own 30 year journey leaves me in 2023 as a “relevant provider”, aka dinosaur. I am still not sure if I can use the word independent, or professional or any other words that elevates me appropriately above “qualified adviser”