Finance bodies welcome proposals for sweeping overhaul of advice rules

A complete overhaul of financial advice regulations to “make it easier” for both consumers and advisers are the goal of 12 proposals in an interim report by the Quality of Advice Review which received a cautious but positive response.

by | Aug 30, 2022

Finance bodies welcome proposals for sweeping overhaul of advice rules
The proposals would refocus regulation on a broad definition of “personal advice” and replace the best interests duty with an obligation to provide “good advice”, which would be “reasonably likely to benefit the client, having regard to the information that is available to the provider at the time”.

Providers would have to be “relevant” where charging a fee and can include super fund trustees, in which case they have discretion about whether to charge.

Read more at Accountants Daily

Share This