The Government released the final QAR reforms which are designed to:
- Modernise the best interests duty to ensure consumers receive helpful advice, including on single issue or limited scope issues, at a high standard;
- Replace statements of advice with a record that is in plain English and provides helpful information to make an informed decision;
- Introduce a new class of financial advisers who can provide advice on simple topics, while being subject to the modernised best interests duty.
The detailed overview of the second tranche can be accessed by this link.
The Government believes this model will also:
- Clairfy topics that superannuation funds can charge for advice on and the circumstances they can consider;
- Allow super funds to provide helpful ‘nudges’ to members to drive greater engagement with superannuation at key life stages.
Legislation will be developed to implement this model in 2024. The relase can be accessed here.
If you wish to discuss what this action might mean for you, reach out to us.