The future of financial advice reforms: will they achieve their long term objectives?

North, Gill 2015, The future of financial advice reforms: will they achieve their long term objectives?, Competition and consumer law journal, vol. 22, pp. 197-217.

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Title The future of financial advice reforms: will they achieve their long term objectives?
Author(s) North, GillORCID iD for North, Gill
Journal name Competition and consumer law journal
Volume number 22
Start page 197
End page 217
Total pages 21
Publisher LexisNexis Butterworths
Place of publication Chatswood, N.S.W.
Publication date 2015
ISSN 1039-5598
Summary The Australian population is ageing and retirement services are becomingan increasingly critical part of the Australian economy. Hence the quality of financial advice, particularly in relation to retirement matters, has been an important area of policy focus over the last five years. Reforms to theregulatory frameworks governing the provision of financial advice wereenacted in 2012. The Coalition Government made some amendments inJuly 2014 by regulation, but these changes were disallowed by the Senatein November 2014. This article argues that there is a significant risk that the Future of Financial Advice legislation will lead to a more concentratedfinancial advice industry, with limited consumer access to impartial quality advice. It suggests that further reforms are required. It seeks changes to the definition of “general advice” in the Corporations Act 2001 (Cth). It also calls for innovative policies and models to promote greater competition and diversity across the financial advice industry and ensure the emergingprofession remains consumer centric, innovative and efficient.
Language eng
Field of Research 180199 Law not elsewhere classified
1801 Law
Socio Economic Objective 900101 Finance Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, LexisNexis Butterworths
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