Changes to financial advice laws will allow life insurers to provide simple advice directly to their customers. While the news is welcomed by industry leaders, they’re advocating for guardrails and consumer protections.

In December last year, the Federal Government outlined its final response to the Quality of Advice review.

As part of the Delivering Better Financial Outcomes package, a key aim is to address the barriers to more affordable financial advice that Australians are seeking.

The reforms include a new class of financial advice providers to increase the availability and affordability of simple personal advice.

Termed ‘qualified advisers’, they will be able to provide advice on behalf of licensed financial institutions such as life insurers, subject to compliance with minimum competency requirements and not charging for the advice. 

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