Government Response to the Quality of Advice Review

Consultation

The Government responded to the Quality of Advice review on 13 June 2023 as part of its Delivering Better Financial Outcomes package.

The Delivering Better Financial Outcomes package comprises three streams:

• Stream one – removing onerous red tape that adds to the cost of advice with no benefit to consumers
• Stream two – expanding access to retirement income advice
• Stream three – exploring new channels for advice

The Government will be consulting industry and consumer stakeholders on the three streams over the coming months and expects to issue its final response on the Delivering Better Financial Outcomes package later in 2023.

Enquiries about the Government’s consultation can be made to financialadvice@treasury.gov.au.