In March 2022 Terms of Reference were announced for the Quality of Advice Review, to be conducted by Ms Michelle Levy and a secretariat from the Department of the Treasury (Cth). The review will consider reforms aimed at ensuring Australians have access to high quality, affordable and accessible financial advice. A final report will be provided to government by 16 December 2022.
In Financial Services Legislation Interim Report A (published on the 30th of November 2021), the ALRC considered a number of reforms that could simplify or improve the law governing the provision of financial product advice, within the context of existing policy settings.
The ALRC looks forward to the final report of the Quality of Advice Review, and will have regard to its outcomes and recommendations in making any recommendations of its own in relation to financial advice law.
Find out more about the ALRC’s ongoing Review of the Legislative Framework for Corporations and Financial Services Regulation.
Find out more about the Quality of Advice Review.