Stephen Jones speaking during the Conexus Financial QAR Roadshow in March.

The government will officially pursue the “quick wins” promised to financial advisers and will add clarity for expanded advice for super funds as part of its response to the Quality of Advice Review.

However, QAR lead Michelle Levy’s marquee non-relevant provider advice provision will be up for further consultation, meaning the advice profession will be under no obligation to campaign for the controversial measure since the Minister will accept other recommendations à la carte.

Minster for Financial Services Stephen Jones spoke at a breakfast hosted by the Association of Superannuation Funds of Australia on Tuesday morning, where he confirmed many of the hints he has dropped at various public briefings this year.

The government will adopt 14 of the 22 QAR recommendations “in full or in principle today” and has not ruled out accepting the final eight recommendations, with a finalised position by the end of the year.

As noted during a post-budget briefing with the Financial Services Council, the changes have been broken into three streams: stream one will focus on red tape reduction; stream two on expanding access to retirement income advice, and stream three will explore new channels for advice.

“In terms of priority, I believe it is more urgent that we fix the problems for financial advisers and help the five million Australians, at or approaching retirement, get access to more retirement income advice,” Jones said in the speech to ASFA, which was uploaded to Treasury’s website early on Tuesday morning.

While this meant changes that help advisers and super funds give more advice are a priority, the potential inclusion of banks and other institutions will be dealt with down the track. “I’m just not compelled that the same urgency exists in these other spaces,” he said.

However, Jones made clear these changes were not being implemented on behalf of institutions, super funds or advisers, but for the benefit of consumers.

“This is a conversation that was started by my predecessors who implemented the Future of Financial Advice reforms and continued by Hayne in his landmark Royal Commission,” Jones said.

In a media release following the government announcement, FSC chief executive Blake Briggs said the government is right to prioritise stream one reforms but warned against narrowing the scope of reforms in streams two and three.

“Financial advice is weighed down by unnecessary and costly regulation and documentation requirements that can be simplified to improve the quality of advice provided to consumers,” Briggs said.

“In its second and third streams the Government is at risk of unnecessarily restricting the number of institutions that can invest in new advice solutions, which could result in too many Australians missing out on quality financial advice at key stages of life.”

A poll of advisers by ETF provider BetaShares found nearly 85 per cent of respondents supported the implementation of at least some of the QAR recommendations. However, only 57 per cent believed they would make advice more accessible.

Adding early goals to the scoreboard