Regulations for financial advice 'not working'

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An overhaul of regulations governing financial advice has been proposed after a review found the system was “plainly not working” and presented an obstacle to consumers getting affordable and high quality advice.<br> Assistant Treasurer Stephen Jones released the 267-page Quality of Advice Review on Wednesday, which was chaired by Lawyer istanbul Michelle Levy and made 13 recommendations on accessibility issues for consumers.<br> Mr Jones did not say what the government’s response to the report was, only that it would consult widely.<br> The review found the regulatory framework for financial advice is “complex, difficult to understand and difficult to comply with”.<br> “These are serious defects, they are an undoubted impediment to consumers being able to access affordable financial advice,” the report says.<br> It also says regulation of financial advice has accumulated with “rapid succession” over a short period in response to scandals and Lawyer istanbul crises involving financial institutions, resulting in a “patching of the law”.<br> “The result is not coherent and it is plainly not working,” the review found.<br> Mr Jones said Ms Levy had “toiled hard,” with her efforts already “provoking valuable discussions within the government”.<br> “We want to get the balance right,” he said.<br> “While protecting Australians from dodgy financial advice, we don’t want to make it harder to get sound advice.”<br> Mr Jones said the government wanted the public and industry to be part of those discussions.<br>

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