The Council of Australian Life Insurers (CALI) has welcomed the Federal Government’s continued progress on financial advice reform, describing today’s announcement as an important step towards more accessible and affordable advice.
“Today we have made meaningful progress. This announcement confirms the Government’s commitment to reforming financial advice and improving financial outcomes for all Australians, but there’s still more work to do,” said CALI CEO Christine Cupitt.
“Australians want advice that is simple, accessible, and affordable. For the millions of Australians who are waiting in line for affordable advice about life insurance, reforms to the best interests duty and introducing the new class of adviser are essential.”
Independent research commissioned by CALI shows that 46 per cent of people1 want advice that’s more tailored and helps them decide how much life insurance cover they need and the products that best suit them.
Under current laws, life insurers in Australia are legally restricted from providing personalised advice to customers, even when asked directly.
“CALI has long advocated for more affordable, accessible financial advice by allowing life insurers to provide simple answers to simple questions at no extra cost to them,” Ms Cupitt said.
“We will continue our collaboration with the Government on the remaining Better Financial Outcomes reforms to ensure all Australians can access the support they need to build a secure financial future.”