Following 12 months of consultation, the Quality of Advice Review Final Report was released earlier this year. The Financial Advice landscape has changed significantly since the review was first recommended by Justice Hayne during the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry. Most notably the introduction of a raft of reforms aimed at protecting Australians from poor advice and financial products. Advisers across all areas of financial and risk advice have argued that these reforms have had a negative impact on the quality and affordability of advice, prompting the previous government to expand the scope of the review to determine what regulatory changes are required to improve the accessibility, quality and affordability of advice.
The Final Report contains a number of recommendations that, if accepted, would have a significant impact on the way financial and risk advice is provided to clients. Including an overhaul of the definition of personal advice, the current best interest duty, and disclosure documents. While the government has committed to undertaking further consultation on the recommendations prior to providing a formal response, the broader financial advice industry has already begun exploring what the recommendations will mean for their respective industries. While the majority of changes impact financial advice, there are recommendations that impact insurance brokers directly, and the insurance industry more broadly.
We understand that members will have many questions about the recommendations, next steps in the consultation process and the potential impacts of any reforms. We invite members to join NIBA President, Gary Okely, NIBA CEO, Phil Kewin and NIBA's Policy and Research Manager, Allyssa Hextell for a live webinar to discuss the Quality of Advice review recommendations and what they mean for general insurance brokers. Members also have the opportunity to submit questions ahead of the event if there are particular issues they would like to raise.