"“Superannuation funds must play an expanded and more effective role that serves the needs of their members,” Financial Services Minister Stephen Jones told a breakfast on Tuesday hosted by the Association of Superannuation Funds of Australia. Mr Jones said the government would adopt 14 of the report's 22 recommendations which are aimed at making the provision of financial advice more accessible and would be considering the remaining recommendations before the end of the year." Surprised this isn't seen as great news. In the AFR article:https://www.copyright link/policy/t...-advice-reform-to-super-funds-20230609-p5dfds "
A consortium of wealth management companies calling itself as the “Group of Nine” said it supported the decision to boost the role of super funds. It welcomed the pledges to remove the so-called “safe harbour steps” compliance checklist and introduce legislation to honour an exemption for experienced advisers from obtaining a tertiary degree (a 2022 election promise).
But it warned that the ability for firms to offer simple forms of cost-effective or “scaled” advice were still challenged by the industry code of ethics introduced by the previous Coalition government. “Removing safe harbour is sound in principle but not without addressing the conflict with the code if consumers want professional help with transactional and episodic advice,” said a statement from the group."
I still think this is a huge step in the right direction. (Group of nine includes Insignia and AMP) I suspect the market might get a bit more positive over the next few days. Really the gov needs to fix this. Industry Super funds and group of nine are probably on the same page. So probably are all of us with super who have questions and can't get a simple answer due to "well intentioned" regulations.
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