Acenda welcomes the release of the latest tranche of reforms aimed at improving access to affordable advice for more Australians.

"Access to affordable, quality financial advice is critical in helping Australians manage their financial future, empowering them to make informed decisions about financial risks so they can achieve their long-term goals," said Kent Griffin, CEO and Managing Director of Acenda.

"These reforms will help to simplify the advice framework, ensuring consumers can access advice in a format that is easy to understand and tailored to their individual needs.

"We welcome this positive step towards addressing Australia's significant unmet need for financial advice. It is critical that the Government has strongly committed to developing the remaining pieces to modernise the best interests duty and create a new class of adviser, and that these combined with the draft legislation released will be introduced into Parliament as a single package.

"We look forward to collaborating with industry on the full implementation of this reform package to improve financial outcomes for millions of Australians."