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An overhaul of financial advice aims to make it cheaper, but will it erode consumer protections?

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12 October 2022 by Rhiana Whitson, ABC News

Article link: https://www.abc.net.au/news/2022-10-12/quality-of-financial-advice-versus-consumer-protections/101519156

The draft Quality Advice Review released for consultation last month largely backs industry concerns that over-regulation has made financial advice too expensive for most Australians to access.

Just over 10 per cent of consumers, or 1.9 million people, see a wealth adviser, down from 13.9 per cent in 2018, according to the 2022 Australian Financial Adviser Landscape Report.

The cost of getting financial advice has soared by 41 per cent in the same period, rising from $2,510 to $3,529.


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