Quality of Advice review to release interim paper

21 July 2022

The Federal Government Quality of Advice review is planning to release an interim paper around the middle of next month that will include proposals for reform.

The review is examining insurance exemptions on conflicted remuneration, documentation and disclosure, distinctions between various types of advice, technology impacts and other matters.

Insurer commissions paid to brokers could be banned if the review removes the general insurance exemption for conflicted remuneration.

An issues paper was released in March for consultation, with 134 submissions lodged in response, mostly from industry groups, companies, consumer organisations and individuals.

A Treasury spokesperson says the review is holding stakeholder discussions with general insurers as part of the process and there are plans to publicly release an interim proposals paper next month.

Independent reviewer Michelle Levy, a lawyer specialising in superannuation, life insurance, distribution and financial services, is set to provide a report to the Government by December 16.