The Council of Australian Life Insurers (CALI) has welcomed the federal government's decision to proceed with introducing a new class of adviser for life insurers and APRA-regulated superannuation funds.
The government will also bring in wider reforms to make financial advice simpler and more accessible. A media release issued by CALI said this move will bring the working Australians a step closer to getting the advice and support they need to make informed choices and build and protect their financial safety net. CALI CEO Christine Cupitt said the announcement by Assistant Treasurer and Minister for Financial Services Daniel Mulino is an important step towards closing Australia’s growing advice gap.
She said, “Australians should be able to ask their life insurer a simple question and get a simple answer. 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. We commend Dr Mulino and the Government for listening to consumers, advisers, superannuation funds, and industry, and for moving these reforms forward.”
Ms Cupitt said, “This is what delivering better financial outcomes looks like: more choice, more support, more consumer protections and stronger financial safety nets for working Australians.”