11 March 2022

Release of the Quality of Advice Review terms of reference and appointment of reviewer

As part of our commitment to ensure Australians have access to high quality, affordable financial advice, the Morrison Government today announced the release of the Terms of Reference for the Quality of Advice Review and the appointment of Ms Michelle Levy as the reviewer.

The Review presents an opportunity to assess how the regulatory framework could deliver better outcomes for consumers. Amongst other things, the Review will investigate:

  • whether there are opportunities to streamline and simplify regulatory compliance to reduce costs and duplication;
  • how to improve the clarity and availability of documents provided to consumers; and
  • whether parts of the regulatory framework have created unintended consequences.

The commencement of this Review gives effect to the Government response to recommendations 2.3, 2.5 and 2.6 of the Financial Services Royal Commission. As previously announced, the Review will cover the review of life insurance commissions that had been progressed by ASIC.

The Review will be led by Ms Michelle Levy. Ms Levy specialises in financial services, life insurance and superannuation law. Ms Levy has been recognised by Chambers Asia‑Pacific for the past 8 years as a leading lawyer in Financial Services Regulation and Superannuation and is a regular contributor to journals and publications including Financial Services Newsletter and the Superannuation Law Bulletin. She co‑authored the LexisNexis FoFA Handbook. Ms Levy is a member and former chair of the Law Council of Australia's Superannuation Committee and a member of the ATO’s Superannuation Industry Stewardship Group.

Ms Levy said “I am pleased to be appointed to lead the Government’s Quality of Advice Review. I believe there are many ways we can improve the regulation of financial advice, making it easier for Australians to receive quality advice when they need it and in a form they want. I am optimistic about what we can achieve.”

The Review will invite submissions from the public and consult with stakeholders, including consumers, industry, and regulators. The Review will also be informed by data collected by ASIC and Treasury. A report will be provided to the Government by 16 December 2022.

The Morrison Government congratulates Ms Levy on her appointment. A copy of the terms of reference is available on the Treasury website.