Red tape removed to allow banks, insurers and superfunds to provide personal financial advice

Council of Australian Life Insurers Chief Executive Christine Cupitt says the announcement to remove extensive red tape to allow banks, insurers and superfunds to provide customers with personal financial advice is “wonderful for Australians”.

Financial Services Minister Stephen Jones announced the changes in a speech on Thursday, enacting most recommendations made by an independent review into the quality of financial advice last year.

This is a major wind back on the rules introduced after the scandals revealed at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

“We know that Australians have been crying out for better access to more financial advice,” Ms Cupitt told Sky News Australia.

“Today’s announcement means that more people will have access to the information they need to make informed financial decisions.

“Overall, today’s announcement is about getting more simple advice to more Australians in a cost-effective way.”

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