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The Financial Advice Association of Australia (FAAA) expressed concerns about Treasury's proposal to abolish fee consent forms and Fee Disclosure Statements (FDS) in its response to the first round of reforms.
Minister for financial services Stephen Jones has confirmed the government remains committed to removing Statements of Advice and the Safe Harbour Steps, as well as accelerating changes to education requirements to meet increased demand for advice.
Financial advisers have welcomed the elimination of many back-office inefficiencies under the federal government's adoption of the Quality of Advice Review recommendations.
The wealth management industry has broadly welcomed the bulk of the Quality of Advice Review recommendations Labor will prioritise, with many agreeing that the reforms will fix financial advice and ultimately benefit consumers.
The Quality of Advice Review's recommendation to abolish Fee Disclosure Statements would be a major win for financial advisers as many continue to grapple with providing accurate documents to clients.