AMA: I'm Phil Anderson, GM Policy, Advocacy & Standards at FAAA, Ask Me Anything!

Thanks Anne. We have been engaged in discussions with super funds and insurers about the ‘QA’ option. I think they are open to the idea, however it is not yet clear on how this might work, so I assume that they are just at the thinking stage at this point.

Some people have expressed concerns about the banks getting back into financial advice. The big banks have been quite guarded about responding to this, and no doubt the memory of the Royal Commission is still fresh in their minds. The world has changed substantially since then, and most of them no longer have a wealth arm where they have products to distribute. I think for this reason, they are less likely to rush back into advice. However it is difficult to predict what will happen in the long term.

Michelle Levy recommended that it would not be possible to charge for advice services provided by a QA. This would mean that it largely only made sense for product provider entities with product margins available to pay for them. We have argued that it should be possible for advice practices to employ them and that their costs should be able to be covered by fees that clients pay the practice. This outcome is important to ensure that the playing field is as level as possible.