Stephen Jones, Minister for Financial Services, today announced the inclusion of a new class of Financial Adviser and extended the provision of financial advice to Banks and Insurance Companies.
While Stephen Jones had previously announced the inclusion of providing financial advice by superannuation funds, no details had bee provided. Todays announcement (7.12.2023) that Banks and Insurance companies will be able to provide advice
It appears that to facilitate this new form of financial advice, service providers will be required to hold some level of qualification, but the details are as yet unknown.
The new classification will be that of “Qualified Adviser”. Holders of this qualification will be restricted to providing simple advice and will not be allowed to charge fees or receive commissions.
Our new software, Advice Online, will be the perfect solution for these organizations.
Superannuation Funds, Banks, and Insurance companies should reach out to me to discuss how Advice Online can facilitate the delivery of simple advice by Qualified Advisors.
Glenis Phillips SF FIN
Designer of Advice Online