The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill, introduced in March, has unexpectedly modified provisions regarding advice fee deductions from superannuation funds.
As currently drafted, the bill may inadvertently reduce access to quality financial advice and increase its cost due to additional administrative burdens.
We urge parliament to revise the bill, which appears to introduce confusion, uncertainty, and potential cost increases for consumers. The proposed changes could compel trustees to review every single advice document, potentially adding an estimated $400 per member request. This additional cost burden could potentially divert hundreds of millions of dollars annually from Australians’ retirement savings.
See the Change.org petition here and sign if you agree.
Email or call Adam Passwell, on 02-4455 5333 if you would like further information about this drafted bill.
