TAL supports the Government’s Quality of Advice Review response as an important initial step to help more Australians access high-quality and affordable financial advice

Leading Australian life insurer TAL says the Australian Government’s Quality of Advice Review response today is an important initial step towards reform to help more Australians access high-quality and affordable financial advice. However, there remains more work to do to better serve consumers.

TAL welcomes the Government’s commitment as part of Stream One of the response, focused on simplifying the financial advice process that customers and financial advisers experience today. These are welcome changes that will improve client experience and consumer access to affordable financial advice.

We also support the announcements in Stream Two of the response, which will benefit superannuation fund members through expanded access to advice via their fund, including for life insurance in superannuation and retirement income advice. This is a very positive move for millions of superannuation fund members to enable them to have richer discussions with their superannuation fund and achieve better retirement and life insurance outcomes. The steps announced in Stream Two also acknowledge the significant role financial institutions can play in meeting consumer advice needs at scale.

TAL also notes the announcement of Stream Three which includes exploring new channels for the delivery of financial advice by other financial institutions. We look forward to constructively engaging with government and all stakeholders on important reform that would enable life insurers to better meet their customers’ simple advice needs, such as advising customers on their policy options to support affordability. Implementing Stream Three reforms would allow customers to engage more fully with their life insurer to ensure their insurance is fit for purpose, as their needs change, and against the backdrop of increased cost-of-living pressures. 

TAL Group CEO and Managing Director, Brett Clark, said, “TAL supports the announcements the Government has made today to make it easier for financial advisers and superannuation funds to provide access to affordable, quality financial advice to their clients and members. All Australians stand to benefit from improved access to quality and affordable advice, and TAL will continue to constructively engage with government and all stakeholders on important reform that would also permit life insurers to better meet their customers’ simple advice needs. We should not miss this opportunity to better support life insurance outcomes for customers.”