Government commits to Quality of Advice Review in current form

Minister for financial services Stephen Jones has met with independent reviewer Michelle Levy to discuss the ongoing review.

In a statement, Jones confirmed he has met with Levy and supports the review continuing under its current Terms of Reference.

He said the review provides an "important opportunity to streamline and simplify the regulatory settings for financial advice to reduce cost and remove duplication."

He added that he remains "committed to looking at reforms now to assist financial advisers in being able to meet the needs of their clients", including education requirements for experienced advisers.

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"I am pleased with the progress of the review, and the significant contribution that the financial advice industry, consumer bodies and regulators have made to the review's progress to date," Jones said.

"The government is committed to ensuring that Australians have access to high quality and affordable financial advice."

The Quality of Advice Review received 130 submissions from industry stakeholders including associations, super funds, licensees, technology providers, life insurers and consumer groups. Of the submissions, 18 are confidential.

The final report from the review is expected to be handed down on December 16.