Super Consumers Australia has been selected by the government as its independent advocate in the superannuation sector. In the 2023–24 Budget, the government announced funding to support a consume
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Super Consumers Australia s Xavier O Halloran
Advocacy group Super Consumers Australia has urged the government to commission an urgent independent review into the quality of financial advice and work to remove “persistent inherent conflicts” in business models rather than easing regulation to making advice more affordable.
In a submission to ASIC’s consultation on access to affordable advice (CP 332), SCA said a solution to the advice gap “does not lie in tinkering with the existing regime to make it more commercially viable for industry participants”.
It warns ASIC against stakeholder feedback that suggests the key to making advice more accessible was weakening existing consumer protections. Consumers would be better served, the group argued, if conflicts in advice are eliminated.