Recommendations like the removal of SOA requirements and embracing digital advice have been strongly endorsed by industry groups, who state this is ‘the time for bravery’.
Data from the QOA’s adviser survey, used to inform the review, has revealed a snapshot of Australia’s adviser landscape, their views and the shape of their businesses.
There’s room for improvement with advice documents and advisers have made suggestions that could save time and effort while enhancing consumer comprehension.
The Joint Association Working Group (JAWG) has written an open letter to the financial services minister Stephen Jones stating the QOA must avoid “easy wins”.