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ARTICLE · 23 NOVEMBER 2023

Quality Of Advice (QAR) Recommendations Partly Addressed

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On 14 November 2023, the Australian Government released what is described as the first of three tranches of proposed draft legislation implementing the QAR recommendations.

AustraliaFinance and Banking
Jim Bulling
Jim Bulling

On 14 November 2023, the Australian Government released what is described as the first of three tranches of proposed draft legislation implementing the QAR recommendations.

While the government is still saying it intends to address the remaining recommendations of the QAR, there were no commitments given at this stage.

Superannuation adviser fees

The draft bill clarifies that superannuation trustees are able to pay a member's financial advice fees from their superannuation account. The draft bill includes the following changes to superannuation legislation:

  • Repeals the requirement that advice be "in relation to a member of the fund" and clarifies that personal and financial product advice must be wholly or partly about the "member's interest" specifically in the fund;

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