Risk adviser's guide to the FAA review

If you are reading this then your career is probably based in this industry – that being the case you should read the review document. Making notes as you go it may take you a couple of hours. They are worth spending.

The review document is clear, accessible, and the review is working on all the right issues, including:
• Whether the laws are serving the needs of consumers
• Whether the goal of increasing professionalism in financial advice is being achieved, and discussions of education standards
• Concerns about the labelling or designations of financial advisers
• Whether there is sufficient distinction between advice and sales
• Managing conflicts – especially commission, and whether it should be banned or restricted
• The balance between access to advice for consumers and the quality of advice provision

From the Minister’s introduction to the step-by-step presentation of the sometimes conflicting goals or issues the document is good. It provides a good brief review of the industry and usually provides sufficient context for the brief description of each of the major issues for the review.

Items of special interest for those offering advice on insurance include: