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Quality of Advice Review - Draft Terms of Reference

15 days left to have your say
Consultation Type
Terms of Reference

Key Documents

The Government is committed to ensuring that Australians have access to high quality, affordable and accessible financial advice. Consistent with recommendations 2.3, 2.5 and 2.6 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission), the Government has released for feedback and stakeholder views draft Terms of Reference for the ‘Advice Review’.

The Advice Review will consider whether measures that have been implemented by government, regulators and financial services entities have improved the quality of financial advice, whether further reforms or other changes are needed, and whether any measures or obligations are redundant or can be streamlined. The review will also consider how to ensure the regulatory settings support Australians getting access to affordable financial advice.

Submissions should focus on the draft Terms of Reference. There will be opportunities to comment on substantive policy issues once the review is underway.


You can submit responses to this consultation up until 04 February 2022. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond



Address written submissions to:

Advice and Investment Branch
Retirement, Advice and Investment Division
Langton Cres
Parkes ACT 2600