The Financial Services Council (FSC) has urged the Federal Government to prioritise proposed reforms as outlined in the Quality of Advice Review final report.

FSC CEO Blake Briggs says the report’s recommendations, including the creation of a “good advice” duty and broadening the definition of personal advice, provide the blueprint to take the industry forward.

Implementing the proposals will “deliver good advice to more Australians, within a strict protection framework,” he said.

Mr Briggs says the report endorses a long-standing FSC position that the current best interest duty, with its “safe harbour” steps, is no more than a tick-a-box exercise.

The final report was released in February this year and contains a list of 22 recommendations from Reviewer Michelle Levy, who says the changes will improve the accessibility and affordability of quality financial advice if the Federal Government takes them up.

“The scare campaign about a return to the ‘bad old days’ of systemic, conflicted advice is dead, as a result of detailed analysis by [Ms Levy] and her Treasury review team,” Mr Briggs said,

“Implementing [her] recommendations must be the priority for the Assistant Treasurer to keep faith with the industry, and deliver on the advice profession’s potential to improve the financial wellbeing of millions of Australians.”

The Albanese Government has not yet responded to the report’s recommendations.