September 2022
IFS supports reform to reduce the cost of, and increase access to financial advice by Australian consumers. IFS also supports the maintenance of important consumer protections where appropriate, and the professionalization of the financial advice industry.
We appreciate the boldness of the proposals contained within the Quality of Advice Review Proposals Paper and support a number of them. However, we also have serious concerns about a number of the proposals as they would result in the unacceptable winding back of important consumer protections, and the undermining of the work done, and ongoing, to transform the financial advice industry into a cohesive, recognized and trusted profession.
