Financial services, life insurance and superannuation lawyer Michelle Levy will lead the Federal Government Quality of Advice review.

Finalised terms of reference for the review have been released by the government following a consultation, with Ms Levy set to provide a report by December 16.

“I believe there are many ways we can improve the regulation of financial advice, making it easier for Australians to receive quality advice when they need it and in a form they want,” Ms Levy said. “I am optimistic about what we can achieve.”

Ms Levy has been recognised by Chambers AsiaPacific for the past eight years as a leading lawyer in the field, co-authored the LexisNexis FoFA Handbook and is a member and former chair of the Law Council of Australia's Superannuation Committee and a member of the Australian Taxation Offices’ Superannuation Industry Stewardship Group.

The terms of reference confirm the review will look at the remaining exemptions to the ban on conflicted remuneration, including in life and general insurance.

Other focus areas include opportunities to streamline and simplify compliance to reduce costs and duplication, how to improve the clarity and availability of documents provided to consumers and whether parts of the regulatory framework have created unintended consequences.

The review will examine key concepts such as “financial product advice”, “general advice” and “personal advice”, including how they are used, their interpretation by consumers and whether they could be simplified or more clearly demarcated.

The role and bounds of advice that is scaled, intra-fund or limited in scope will be considered, but the review will not make recommendations on changes to the definitions of “retail client”, “wholesale client” or “sophisticated investor”.

Superannuation, Financial Services and Digital Economy Minister Jane Hume says submissions will be invited and consultations held with stakeholders, including consumers, industry and regulators. The review will also be informed by data collected by ASIC and Treasury.