In short
- This review's purpose is ‘to ensure Australians have access to high quality, accessible and affordable financial advice’
- the government first responded to some recommendations in June 2023
- the government's final response in December 2024 responded to the remaining recommendations.
Overview
Consistent with recommendations 2.3, 2.5 and 2.6 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the government agreed to undertake a review on the effectiveness of measures to improve the quality of financial advice.
The Quality of Advice Review commenced on 11 March 2022, when the government released the terms of reference for the review and announced the appointment of Ms Michelle Levy as the independent reviewer.
Final report
The government received the Final report on 16 December 2022 and released it on 8 February 2023.
Government response
The government responded to the Quality of Advice review on 13 June 2023 as part of its Delivering Better Financial Outcomes package.
The government provided its final response to the remaining recommendations of the Quality of Advice review on 7 December 2023 as part of the Delivering Better Financial Outcomes package.
Announcements
7 December 2023
- Media release by the Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services – Government unveils comprehensive financial advice reform package
13 June 2023
- Media release by the Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services – Delivering Better Financial Outcomes – roadmap for financial advice reform
8 February 2023
- Media release by the Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services – Financial advice review released
11 March 2022
- Media release by Senator the Hon Jane Hume MP, Minister for Superannuation, Financial Services – Release of the Quality of Advice Review terms of reference and appointment of reviewer
16 December 2021
- Media release by Senator the Hon Jane Hume MP, Minister for Superannuation, Financial Services – Morrison Government to make quality financial advice more affordable