CHOICE has made a submission to the Quality of Advice Review in which we call for strong protections for people that seek financial advice.
The Review comes after the 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry exposed widespread misconduct in the financial advice industry.
Many people lost their entire life savings as a result of inappropriate financial advice and continue to suffer the ongoing economic and social impacts.
We recently asked CHOICE supporters to share their experiences with financial advice, and found that only 34% trust financial advisers to provide high-quality service.
CHOICE calls for three overarching recommendations to improve the quality of advice consumers receive. They are:
- Remove remaining conflicts of interest
- Retain the best interests duty
- Consider alternate models to financial advice for people seeking guidance
Download submission (PDF)
- Can you trust your financial adviser?
- Joint consumer submission to Treasury on the Compensation Scheme of Last Resort
- Sign the petition for stronger banking protections
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