Speaking at the AIA Adviser Summit, Stuart Robert, the Shadow Assistant Treasurer and Shadow Minister for Financial Services took issue with the Financial Services Minister’s delay in addressing the QAR’s findings. Mr Robert pointed out that despite receiving the final report in mid-December 2022, Mr Jones has only announced a “review of the review” thus far.
During his address, Mr Robert made it clear that he believes Jones’ actions are inadequate. He slammed Jones for failing to take action on the QAR’s recommendations in a timely manner and suggested that the delay could have serious consequences for the financial services industry.
Moreover, Mr Robert encouraged the government to implement the QAR final report in full.
“The government is indicating that it’s possibly looking for quick wins, that’s a pretty standard word that government ministers use to cherry-pick, but if you cherry-pick, you don’t get the power of the whole, you get the minutiae of the minimum,” Mr Robert said.
Assessing that the profession is now at a point where it is “well and truly” able to stand alongside other professions, he argued that the government should not only implement the full QAR report but also overhaul the education standards.
“The profession should be allowed to manage its own educational standards without recourse to government. That would be particularly helpful.”
The challenge however, he said, is that the government is being “held hostage” by “numerous consumer advocacy groups”.
“[These groups] believe all advisers are somehow in it for themselves, which couldn’t be further from the truth,” Mr Robert said.
