A proposed overhaul of regulations governing Australia's financial planning sector aims to give people better access to qualified and affordable financial advisers.
A report entitled Quality of Advice Review has just been released.
The report is about potential changes to financial advice.
Suggested proposals include broadening the requirement for financial advisers to professional bodies in the sector, such as banks, insurance companies, and pension funds, to provide advice “in the best interests of their clients”.
That proposal also aims to reduce financial planners' paperwork to make it easier to make understanding.
Despite the industry's support of that review's recommendations, it remains unclear whether those recommendations will be accepted - and whether there will be substantially change.
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