Association of Financial Advisers (AFA) CEO Phil Anderson provided an update on the profession last week at the peak body’s national conference, touching on adviser numbers, education requirements as well as the Quality of Advice Review.

Reviewer Michelle Levy was among the presenters at the conference in the Gold Coast, speaking at a panel session following the release of her proposals paper last month for consultation.

“The AFA was very pleased to have [her] present on the Quality of Advice Review and her proposals at the AFA Conference,” Mr Anderson told insuranceNEWS.com.au.

“We were also very fortunate to have [her] stay for most of the day to meet separately with key groups to seek their feedback on the [review] and other important advice issues.

“[She] has made herself available to meet with the advice population, which we believe has been beneficial, and we thank her for that.”

Mr Anderson says the AFA is “strongly” supportive of most of what she has proposed, and welcomes the chance to consult with her and to provide feedback from members.

Ms Levy in her proposals paper recommended broadening the scope of personal advice and removing licensing for general advice; replacing the Best Interests Duty and related obligations with an obligation to provide good advice; and doing away with the obligation to provide advice documentation, unless the client requests.

She also proposed removing the mandatory statement of advice (SOA), financial services guide (FSG) and a raft of other measures to ease the “very heavy compliance burden” facing advisers.

Mr Anderson in his presentation slides describes the proposals paper as putting forward “some revolutionary ideas”.

“The AFA firmly believes that the [review] is the best prospect of making fundamental changes to fix the problems in financial advice,” the presentation slides say.

“We need to focus on the challenge of getting the recommendations implemented.”