AMP's Director of Advice Matt Lawler comments on the release of the Quality of Advice Review Final Report:

AMP welcomes the Quality of Advice Review recommendations and congratulates Michelle Levy on her engagement and collaboration with the advice profession, industry representatives and consumer groups.

As a profession, financial advice has made great progress in recent years to lift professional standards and consumer protections, however, over regulation has had a severe impact on the ability of advisers and licensees to provide advice.

The pendulum has swung too far and the report’s recommendations are an important step forward to make advice more affordable and accessible.

AMP is looking forward to participating in Treasury’s consultation process, including on the Good Advice proposal, which requires further discussion.

We will also be advocating for swift passage of reforms where there is widespread industry support, including simplification of the statement of advice process and fee consents. Implementing these recommendations as soon as possible is vitally important to enable the delivery of more quality advice for the benefit of consumers.