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The Australian Government provided a final response to the Quality of Advice review on 7 December 2023, as part of the Delivering Better Financial Outcomes package.
This builds on the government announcement on 13 June 2023, which comprised three streams of reform to improve access to financial advice, and responded to 14 of the 22 recommendations made in the Quality of Advice review.
At that time the government resolved to consult with industry and consumer stakeholders and provide a final response on the recommendations before the end of 2023.
The government response to each of the recommendations of the Quality of Advice review is summarised in the attached detailed overview document.
On 14 November 2023, the government released legislation to implement half of the Quality of Advice recommendations as part of tranche 1 of Delivering Better Financial Outcomes package.
The government will consult industry and consumer stakeholders over coming months on the design of the draft legislation. Legislation is expected to be progressed to the Parliament for consideration before the end of 2024, pending other government priorities.
You can make an enquiry about the government’s consultation to financialadvice@treasury.gov.au.