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For many years, advice businesses, licensees, and consumer groups have highlighted the need for significant reform in advice disclosure requirements. The current system's stringent record-keeping and lengthy Statements of Advice (SOAs) are not only costly but also leave consumers feeling overwhelmed by the amount of information presented to them.

In response to the work the Government and Treasury have been doing on DBFO reforms, IFS has been focused on designing and testing the practical elements of implementing the reforms, and importantly, how we take full advantage of them to improve the scalability of advice while also enhancing the member experience.

One key area of reform is advice disclosures. Our discussion paper documents the design process we led, engaging several industry experts, and presents examples of our envisioned ‘Customer Advice Record’ format. This new format aims to maximise member benefits by delivering information in a clear, concise, and easily understandable manner.

Read the full paper here.