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![Government announces QAR response](https://images.squarespace-cdn.com/content/v1/64530f71d8864b7b2272a694/1687689974539-OVHBKNUYEYQVJIDTFL6L/Conrad+Travers.jpg)
Government announces QAR response
Conrad Travers shares his thoughts about Minister Stephen Jones today’s announcements in mid June 2023 regarding the government’s response to the Quality of Advice Review (QAR).
A summary of the government’s response; assuming this passes the legislative process:
Safe harbour removed from BID.
Ongoing fee renewal (FDS) removed and fee consent to be consolidated in one industry wide form.
SOA replaced with "fit for purpose" advice record
Wholesale warnings to come in
Consent requirements for life, general and CCI
![Get to the point - clear advice will win out](https://images.squarespace-cdn.com/content/v1/64530f71d8864b7b2272a694/1684975452680-3YJPLP26OG4748RRS7XJ/Conrad+Travers.jpg)
Get to the point - clear advice will win out
Tangelo Advice Consulting’s Conrad Travers was quoted in Professional Planner’s coverage of the Quality of Advice Review discussion at the FAAA’s 2023 United Association Roadshow in May 2023.
Tangelo Advice Consulting principal consultant Conrad Travers predicted licensees would adapt and lift the supervision and monitoring frameworks in place to make sure the advice being given is clear. “I would recommend for new clients, even if they don’t ask for it, to give them a simple summary of the advice,” Travers said. “That could be five pages and make the advice really clear – what are you recommending and what are the next steps to the client. Beneath that, cover off the additional scenarios that you might have considered just in summary format, then the risks and the fees. If you do that, that’s best interest.”
![Joint submission to the Quality Advice Review](https://images.squarespace-cdn.com/content/v1/64530f71d8864b7b2272a694/1684284437933-HPGTAIO8JR7YOTDSB85V/joint+sub.jpg)
Joint submission to the Quality Advice Review
We welcome the opportunity to provide feedback on the Quality of Advice Proposals Paper published on the Treasury website 29 August 2022. As an overall comment, our three companies are committed supporters of a well-functioning financial advice industry and see the proposal as a significant step forward in terms of encouraging autonomy and professionalism in our industry.