Michelle Levy has laid down a bold blueprint for the transformation of the deeply troubled financial advice industry, which should clear the way for industry super funds to play a much bigger role in guiding how members invest their nearly $1 trillion in superannuation savings.

As The Australian Financial Review’s wealth editor Aleks Vickovich reported, a draft consultation paper prepared by the Levy-chaired Quality of Advice Review recommends overhauling the complex laws that cover financial advice, which should make it easier for financial institutions, such as super funds, to provide less costly financial advice.