CHOICE, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre wrote a joint submission to the Quality of Advice Review opposing the proposed deregulation of the financial advice industry.
Consumer groups strongly support the retention of a principles-based best interests duty. This is a critical consumer protection that requires financial advisers to act in the best interests of clients, not their own, and to face significant penalties where they fail to do so. The proposed watering down of the best interests duty to an obligation to give 'good advice' will push financial services regulation back decades.
Download submission (PDF)
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