Industry associations in Australia are calling on legislators there to re-write a proposed law change so that it doesn’t make advice “…more unaffordable and less accessible for consumers”.
The Joint Associations Working Group, made up of 12 industry and professional bodies, says that under the Australian Government’s proposed Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 “…consumers will face more red tape when it comes to setting up an ongoing adviser arrangement”.
The working group says professional advisers, superannuation trustees, and advice licensees have consistently offered suggestions to reduce red tape, and to remove duplication in the adviser fee deduction processes.
JAWG states advisers already have a Best Interests Duty, and must ensure their fees are reasonable and apportion the fees appropriately.