The Association Financial Advisers will use the Quality of Advice review to push for tweaks to the single disciplinary body and the mechanism for registration to the Tax Practitioners Board.
Many in the Senate chamber have acknowledged big corporations – the big four banks, AMP and insurance companies – have not been held to account by Royal Commission legislation, including the newly-passed Better Advice bill.
The bill passed without amendments and industry leaders expect that planners will now be able to focus on clients without the distraction of constant regulatory change.
The government has released new draft regulations and legislative material for consultation to support the incoming advice reforms from the Better Advice Bill.