The FSC wants comprehensive debate about the affordability and accessibility of financial advice in Australia, and the best solutions to secure that.
The FSC is leading that debate with a Green Paper on financial advice that will be released soon.
Since launching the Future of Advice report last year, our members have set to work on solutions to reduce the cost of advice and unnecessary duplication and regulation holding financial advice back. The Green Paper will set out comprehensive proposals for public discussion on transforming regulation to enable financial advice to best respond to the needs of consumers.
This is a Green Paper. These are proposals for discussion. Our members want honest feedback on the solutions they have come up with and how they can be improved. This can be from anyone – industry, consumers, and anyone who values financial advice. These won’t be final views – following what we hope will be a busy consultation period the FSC will produce a White Paper confirming finalised solutions for future policy reform.
As we digest ASIC’s critical review of limited advice, and anticipate the Australian Law Reform Commission’s long-term look at the Corporations Act and other laws, as well as the Government’s Review of the Quality of Advice, it is vital that industry contributes to these discussions.
The FSC is ambitious for financial advice’s value contribution to Australia’s economy and to consumers. Generating policy reform that reduces cost and complexity will only be achieved by building consensus right across the advice value chain and speaking with one voice. The Green Paper is a critical step in making that happen.
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