People who seek financial advice, including in relation to insurance, deserve to have confidence that it will be high-quality and free from conflict of interest. Despite this, conflicts of interest continue to contribute to widespread consumer harm in Australia.
The Quality of Advice Review is presented with an opportunity to finish the work of the Future of Financial Advice reforms and the Banking Royal Commission by recommending removal of the remaining harmful conflicts of interests in the industry.
Consumer groups are extremely disappointed with many of the proposals suggested by the Review. The Review has been presented with clear evidence that conflicts of interest contribute to poor-quality advice, but is proposing the status-quo.
Read the joint consumer submission PDF:221109 – Joint consumer submission to the Quality of Advice Review – Conflicted Remuneration (1)