MLC Life Insurance welcomes the second tranche of the Albanese Government’s reforms to simplify Australia’s financial advice framework as part of its Delivering Better Financial Outcomes package.

“Today’s announcement is an important step towards making life insurance advice more affordable and accessible for millions of Australians as they plan for their financial futures. If fully implemented, these reforms will unlock access to simple advice so people can get what they need when they need it,” says Kent Griffin, Chief Executive Officer of MLC Life Insurance.

MLC Life Insurance welcomes reforms to:

• Modernise the Best Interests Duty by providing legal clarity and removing the safe harbour steps to enable simple advice that meets individual customer needs;
• Replace the Statement of Advice with a user friendly advice record in the format consumers need, want and understand;
• Introduce a new class of advisers capable of delivering simple advice to millions of Australians under this framework.

“We welcome reforms to clarify the rules and empower superannuation funds to proactively engage customers and clarify the scope of advice they can provide, ultimately supporting the range of information and advice options available to them,” says Kent Griffin.

“These measures demonstrate that simplifying regulations and maintaining strong consumer protections are not mutually exclusive. Together they will provide the industry with the clarity needed to innovate while giving customers greater confidence in securing their financial futures.”

MLC Life Insurance believes these reforms are essential for building a modern advice ecosystem that supports Australians’ growing and complex needs, particularly as they approach retirement. Life Insurance remains critical to this advice framework.

MLC Life Insurance looks forward to continuing working across the industry and to achieve the best outcomes for millions of Australians with life insurance needs.