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Every Australian deserves confidence that the retirement savings they’ve worked hard to build are protected and that trusted help is available when they need to make important financial decisions.
That’s why Hostplus welcomes today’s package of consumer protection and financial advice reforms announced by the Government.
Stronger safeguards against harmful lead generation, high-pressure sales tactics and poor conduct are an important step in protecting Australians from practices that can put their retirement savings at risk.
Importantly, these reforms also recognise that stronger consumer protections and informed member choice should go hand in hand.
Australians should be protected from harm, while still being able to access legitimate education, communication and support that helps them make confident decisions about their financial future.
We particularly welcome the Government’s renewed focus on improving access to affordable financial advice and guidance. Too many Australians are making important retirement decisions without the support they need.
A new class of adviser, together with targeted superannuation prompts, has the potential to help close that gap and give more members access to trusted support at the moments that matter.
Mandatory education for new SMSF trustees is also a practical measure to help Australians better understand the responsibilities and risks involved in managing their own retirement savings.
Together, these reforms are a positive step towards a retirement system that better protects Australians from poor conduct, supports informed choice and makes trusted guidance more accessible when members need it most.
Comments attributable to Hostplus CEO David Elia AM.