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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.
‘A difficult door to unlock’: Hume’s bid to take politics out of super
‘A difficult door to unlock’: Hume’s bid to take politics out of super
Minister for Superannuation, Financial Services and the Digital Economy Jane Hume has revealed further details of the government’s proposal to establish an independent consumer advocate for super fund members, in a bid to curtail “frustratingly partisan” debates around the future of the retirement system.
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Addressing a Pritchitt Bland Communications event on Thursday, Ms Hume said that while the early release scheme had boosted member awareness around retirement savings, “encouraging members to engage with their super continues to be a difficult door to unlock”.