After years of calls for a unified voice in the industry, the Quality of Advice Review might be that catalyst with licensee groups and industry associations banding together to highlight the areas they agree on ahead of the deadline for submissions.

There are two different joint submissions expected: one from a group of licensees and another from a coalition of the major association groups and licensee groups.

Professional Planner understands a subset of a broader Licensee Forum group started by Credas Solutions principal Tim Steele with 50 to 60 members in it is putting together a submission for the advice review.

The group represents 17 per cent of advisers across the market and 24 per cent of advised clients.

The association joint submission includes the Financial Planning Association, the Association of Financial Advisers, the SMSF Association, CPA Australia, CA ANZ, the Institute of Public Accountants and the Stockbrokers and Investment Advisers Association.

FPA chief executive Sarah Abood says the advantage of the joint submission is to show off the consensus on the agrees everyone agrees on because the review has become so complex.

“That submission has got 83 questions in it. We want to show the government and the regulator that we agree on a lot and that’s what the joint submission will be about.”

AFA CEO Phil Anderson says there is an extension on the joint submissions, but the timeframe is limited.

“We need to get this done by the end of next week [10 June].”

Key objectives

Anderson says some of the key objectives in the joint submission will be recommendations on reducing complexity, costs, and achieving more client-centric outcomes.

“Removing regulatory uncertainty is one of the key things on the list and making the client experience more positive.”

Safe harbour is another key item associations and licensees agree on and while new financial services minister Stephen Jones expressed disinterest in removing it the industry has confidence he will listen on the issue.

“Whether it goes or whether there’s another solution to achieve better regulatory certainty around compliance for best interest duty is absolutely a priority,” Anderson says.