Issues paper on FAA review out

Commerce and Consumer Affairs Minister Paul Goldsmith released an Issues Paper for public consultation today, as part of a review aimed at improving financial advice legislation.

“The Government is reviewing the Financial Advisers Act and the Financial Service Providers Act, which aim to increase consumer confidence in financial advisers and the advice they give, so that people can make informed investment decisions,” Mr Goldsmith says.

“We are asking all stakeholders including those working in the financial advice sector, and consumers, key questions such as whether people feel they have access to good quality financial advice and if they understand how advisers are regulated.

“We also want to find out whether the complexity of the regulations has prevented people from considering advice. And we also ask if compliance costs have made advice less accessible,” he says.