Working Australians are a step closer to getting the advice and support they need to make informed choices and build and protect their financial safety net.
The Council of Australian Life Insurers (CALI) welcomed the decision to proceed with introducing a New Class of Adviser for life insurers and APRA-regulated superannuation funds, alongside wider reforms to make advice simpler and more accessible.
CALI CEO Christine Cupitt said today’s National Press Club announcement by Assistant Treasurer and Minister for Financial Services Daniel Mulino was an important step towards closing Australia’s growing advice gap.
“Australians should be able to ask their life insurer a simple question and get a simple answer,” Ms Cupitt said.
“The New Class of Adviser will complement the vital work of professional financial advisers by giving Australians more choice about where and how they get help with straightforward questions.
Ms Cupitt said Australia’s life insurers are well placed to deliver the simple advice Australians have been asking for and the new class of adviser enables.
“After three years of promised action, the Government must give a clear timetable for the introduction of legislation as soon as possible,” she said.
“We commend Dr Mulino and the Government for listening to consumers, advisers, superannuation funds, and industry, and for moving these reforms forward.
“This is what delivering better financial outcomes looks like: more choice, more support, more consumer protections and stronger financial safety nets for working Australians.”