Australia's Labour Ministry proposes new laws allowing banks, insurers, and super funds to offer personal financial advice, signalling a departure from post-Hayne Royal Commission regulations.
The reforms, aligned with recommendations from an independent review by Michelle Levy, aim to cut red tape and reopen advice to financial institutions.
The reforms include the introduction of "qualified advisers" with less onerous qualifications, simplified record-keeping, and the removal of stringent "safe harbour" requirements.
Super funds will also provide advice, deducting fees from members' accounts, addressing the advice gap amid a cost-of-living crisis and the approaching retirement of baby boomers.