Commerce and Consumer Affairs Minister Paul Goldsmith released an Issues Paper for public consultation today, as part of a review aimed at improving financial advice legislation.
“The Government is reviewing the Financial Advisers Act and the Financial Service Providers Act, which aim to increase consumer confidence in financial advisers and the advice they give, so that people can make informed investment decisions,” Mr Goldsmith says.
“We are asking all stakeholders including those working in the financial advice sector, and consumers, key questions such as whether people feel they have access to good quality financial advice and if they understand how advisers are regulated.
“We also want to find out whether the complexity of the regulations has prevented people from considering advice. And we also ask if compliance costs have made advice less accessible,” he says.
The Issues Paper seeks feedback on these and a number of other key themes including:
· Do people know how to find a financial adviser that suits their needs?
· Should there be a clearer distinction between financial advice and sales?
· Can the professional, ethical and education standards for advisers be improved?
· How can we facilitate access to advice in the future?
· Should improvements be made to the Financial Service Provider Register? How can we avoid misuse of the Register by overseas entities?
Goldsmith says: "It’s important that Government understands the industry’s perspective and the needs and expectations of consumers when seeking financial advice."
Consultation on the Issues Paper closes on July 22.
A second document will be released towards the end of 2015, which will recommend possible changes to the regulatory regime.
You can download the Issues Paper here
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