Jones signals action on multiple SOAs
The Federal Government has signalled it is contemplating simplifying the statement of advice (SOA) process for financial advisers with the Assistant Treasurer and Minister for Financial Services, Stephen Jones questioning the value of repetitive offerings.
The minister made his comments in a video address to the Association of Independently Owned Financial Professionals conference in Bangkok and placed it in the context of red tape which is hindering, not helping in the delivery of financial advice.
“Why are statements of advice so unwieldy?” he asked. “Why are advisers asking clients over and over and over again things that could be done once?”
Jones said that these things all added to the cost of advice without helping consumer outcomes.
“For me, these are the obvious things that we can do,” the minister said.
However, he also flagged greater use of superannuation funds to deliver advice in the context of having “enough information points across the sector”.
“There are 16,000 advisers and even if we could double that number it won’t close the advice gap,” Jones said.
“Many consumers have simple advice needs which could be provided by institutions with appropriate guardrails,” he said.
However, he said that for more complex needs Australia needed quality advisers, “and lots of them”.
Jones has been “signalling” action since well before the last election. The only action been implemented under Jones’ watch has been a tripling of the adviser levy.
Jones has no interest in fixing bad regulation. He has no interest in making professional advice more accessable to consumers. His only interest is allowing unqualified union super sales staff to give conflicted “advice”.
Exactly, Jonesy talks about reduced compliance but hasn’t reduced it at all.
Waffle, waffle & more waffle all the while positioning Industry Super to save the day via call centre monkeys.
…but you can train a monkey…
His speech sounds like something from an opposition member, not someone in charge.
We are sick of waiting. We want solutions.
hopefully he’ll be in opposition soon
The AIOFP… they’ll support anyone provided they talk at their annual conference hey…. All Minister Jones talks about is Super funds, super funds, super funds. Yet it’s a massive conflict of interest for Super funds that are desperate to flog product for their survival to also provide advice. He’s obviously the talking puppet of large Union run Super funds. Perhaps the solution could be to get rid of the bad legislation and those 16,000 advisers could double, even triple the numbers of clients they’re seeing.