ANALYSIS
The Quality of Advice Review
The Quality of Advice Review currently being conducted by Treasury does not specifically have an SMSF focus, but there will still be implications for the sector resulting from the process, Bryan Ashenden explains.
BRYAN ASHENDEN is head of financial literacy and advocacy at BT Financial Group.
One of the most significant industry events this year is the Quality of Advice Review. It is being conducted by Treasury and comes in response to one of the recommendations from the banking and financial services royal commission. This review will explore a number of areas relevant to the provision of advice, not just the actual advice itself. What may not be readily apparent is the importance of this review to the SMSF sector, given none of the call-outs in the draft terms of reference
make any comments about it, and neither do they specifically say SMSFs or advice relating to them are exempt from the scope. So, how is the exercise relevant to SMSFs? Some of the answer to this lies in issues that are common across all areas of advice, SMSF-related or not, such as cost, disclosure and compliance. Further, how “clear, concise and effective” the advice Continued on next page
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