The Federal Government has released finalised terms of reference for the Quality of Advice review and has confirmed a report will be completed by mid-December.

The review will be led by lawyer Michelle Levy who specialises in financial services, life insurance and superannuation, supported by a secretariat based in Treasury.

Issues to be examined include life and general insurance exemptions to the ban on conflicted remuneration, life insurance remuneration reforms and the impact on coverage, financial advice documentation and disclosure requirements and fee disclosure and consent requirements.

“The review presents an opportunity to assess how the regulatory framework could deliver better outcomes for consumers,” a statement from Superannuation, Financial Services and Digital Economy Minister Jane Hume says.

The announcements pave the way for the review to invite submission from the public and to begin consultations with consumers, the insurance industry and regulators. Data collected by the Australian Securities and investments Commission and Treasury will feed into the inquiry.

“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.”

A report will be provided to the Federal Government by December 16.