The Institute of Chartered Accountants Australia has welcomed the federal government’s decision to pause and consult stakeholders on the implementation of the Future of Financial Advice reforms.
Head of Leadership and Advocacy Rob Ward said the announcement is a step towards implementing the right protection for consumers’ best interests.
“We congratulate the government’s commitment to consult in good faith before pursuing further changes. The opportunity to voice the concerns of the sector is absolutely essential.
“Minister Cormann’s intervention shows the government’s commitment to implementing the right level of reform,” he said.
The Institute will continue to discuss measures related to opt-in and fee disclosure with the government during this period of consultation.
“Implementing new regulatory requirements comes at a cost, but it should be acknowledged that a balance must be struck between amending existing obligations and ensuring new rules and regulations are in the best interests of consumers.
“Any changes must enable Australians to make better and informed financial decisions and financial planners to deliver positive outcomes for the industry,” Mr Ward said.
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