Opinion

Financial advice review should start again, not cling to flawed ideas

Review chairman Michelle Levy is right to go big picture and suggest winding back regulation that doesn’t benefit consumers.

Jeremy CooperFinancial industry expert

Sep 6, 2022 – 1.29pm

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Michelle Levy needs to be commended for going big-picture and gutsy in exposing her early thoughts on improving the regulation of financial advice given to Australian consumers.

The delivery of good financial advice to Australians has been a policy problem for more than 50 years. The first time, to my knowledge, it became an issue was following the late ’60s nickel boom, and its bust in 1970.

Jeremy Cooper is Strategic Adviser – ESG at MinterEllison. He was formerly chairman of retirement income at Challenger Limited, chaired the 2010 government review of super, and is a former deputy chair of ASIC.