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Michelle Levy, whose review into financial advice led to many of the proposed new laws, said the changes would go “a long way” to making advice cheaper and more accessible.
Treasury has released long-awaited draft legislation to reduce administrative burdens of financial advisers but is missing key pieces, such as the elimination of the Best Interests Duty and the overhaul of the Statement of Advice (SoA).
AustralianSuper chairman Don Russell and Australian Retirement Trust chairman Don Luke said Michelle Levy’s review could result in funds providing more advice.
Treasury’s review of financial advice, led by Allens lawyer Michelle Levy, would pave the way for banks to return to the industry along with much-maligned sales practices, experts warn.