The Albanese Government is reforming financial advice rules so that more Australians can access the advice they need without the huge price tag. The Delivering Better Financial Outcomes package delivers on this commitment, ensuring Australians can access quality and affordable financial advice.
This is about cutting red tape that adds to cost without providing a benefit to consumers. It will also expand access to financial advice about savings, retirement and insurance for all Australians.
The first components of the next tranche of legislation:
- replace the statement of advice with a more fit‑for‑purpose client advice record
- provide clear rules on what advice topics can be collectively charged for via superannuation
- allow superannuation funds to provide targeted prompts to members to drive greater engagement with superannuation at key life stages
The Government continues to develop legislation to modernise the best interests duty and create a new class of adviser. Reforming the best interests duty and removing the safe harbour steps will provide advisers with confidence to deliver appropriately scaled advice. The new class of adviser is also vital to allowing life insurers, financial advice licensees, superannuation funds and other institutions to expand the supply of quality and affordable advice to consumers.
These remaining pieces will be consulted on and combined with the draft legislation released today to be introduced into Parliament as a single package. The whole package works together to expand access to affordable, quality financial advice.
Releasing this legislation now gives stakeholders more time to review and comment on the parts of the next tranche that are ready to be reviewed. It also demonstrates the Government's ongoing commitment to reform financial advice laws.
The Government invites feedback to ensure that the reforms deliver on their objectives and operate effectively across all parts of the financial advice industry. Consultation is available on the Treasury website and closes on 2 May 2025.
