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5. Green Paper

The FSC is leading the debate on making financial advice affordable and accessible to more Australians. Our Green Paper on financial advice
– available here – outlines solutions to reduce the cost of advice and unnecessary regulation and duplication.

It outlines, for public discussion, bold proposals for reducing the cost and complexity of financial advice which include:

• Simplifying the definitions of advice into categories of personal advice and general information and separating product from advice;
• Evolution of the consumer protection framework by removing the safe harbour steps so that the Code of Ethics is the single tool to meet the Best Interests Duty;
• Abolition of the Statement of Advice and in its place enable a scaleable Letter of Advice that empowers consumers and is responsive to their needs.

The Green Paper also includes proposals for harnessing data and technology to drive a more efficient advice process for consumers, incentivise uptake of financial advice and more effective regulatory support to build certainty and confidence.

The FSC is seeking submissions from the public until 1 July 2021 and these should be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it..

A White Paper on financial advice with finalised policy asks will be released later this year.