Financial advice will be cheaper and more accessible following last week’s Parliamentary passing of laws streamlining regulation, according to the Financial Planning Association (FPA).

Reforms to financial services will reduce the cost of compliance for business and provide greater protection for consumers, particularly those on low incomes or with small amounts to invest, CEO Jo-Anne Bloch said.

“This (Simpler Regulatory System) Bill makes it easier for Australians to reap the benefits of good financial advice. It allows planners to help clients consolidate superannuation accounts without onerous compliance, meaning reduced costs for the end consumer.”

Under the new law, statements of advice are not required for planners advising clients with investments or superannuation accounts under $15,000.

Ms Bloch says consumer protection mechanisms are still in place, and financial advisers are still required to have a reasonable basis for their advice.

“The FPA looks forward to being involved in the consultation process regarding the relevant regulations and applauds the Government on its consultative approach and its efforts in tackling the red-tape burden.”