Financial advice changes give older Australians chance of getting quality advice

The Federal Government’s response to the Quality of Advice Review, which was aimed at improving the accessibility and affordability of quality financial advice, shows a commitment to ensuring consumers – including older people – are given the best possible financial advice, COTA Australia says.

COTA Australia Chief Executive Officer, Patricia Sparrow, said COTA welcomes the Federal Government’s ongoing commitment to ensuring the best interest test is retained for consumers accessing advice across financial products.

“Many of these changes are simply common-sense and will help ensure better outcomes for customers,” Ms Sparrow said.

“The ability for superannuation funds to now consider someone’s personal and household circumstances, such as debt, their spouse’s income and their age pension eligibility will go some way to ensuring people can get the right advice for them.

“It doesn’t matter if you’re 18 or 80, working out the best financial systems and set-ups can be daunting. Of course, it’s critical safeguards are in place to make sure people are protected against bad advice, but it’s also important that people have the ability to seek out good advice too.

“Giving older people, and indeed people of all ages, the ability to get good, affordable and clear advice on matters financial will hopefully help ensure we have the best chance of making good financial choices.

“These reforms compliment the Government’s objective to improve our superannuation scheme so that everyone has a chance at the dignified retirement we all deserve.

“The Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP said he expects superannuation funds to provide more information and advice and COTA couldn’t agree more with those expectations. .

“Superannuation is a key pillar of retirement and strengthening the system so that it works for everyone is crucial.”

Media contact: Tamara Kotoyan, 0430 291 890