Assistant Treasurer Stephen Jones has reiterated the Albanese government’s commitment to advancing the next stage of financial advice reforms, which include allowing insurers to provide simple guidance.

Mr Jones, who is also Financial Services Minister, told an advice conference today: “I will be the first to say that I wish I could give you a draft bill right now.

“It is our priority and is being written as we speak. But it is complex. And we cannot risk endangering consumers by getting this wrong. Or being too cautious so as to miss this moment to shift the dial.”

He said in December that the government was developing the bill for consultation. A federal election is looming – it must be held by May 17.

Mr Jones told the conference the government has “worked constructively across all sectors of the industry and will continue to do so” in pursuit of more affordable and better advice.

“Advice is not always targeted at what the client wants … we are committed to introducing a new class of adviser that any financial firm can employ to give safe advice. It’s a big piece of work, but a piece of work that is in the public interest.”

Mr Jones announced last month that he will not seek re-election this year.