Financial advice can play an important role for consumers - access to affordable, quality financial advice can bring significant benefits to consumers and help them to make informed decisions. This resource focuses on the reforms affecting the regulation of financial advice since 2007.

This discussion paper has been released to seek feedback on proposed regulations to support measures in the Financial Services Legislation Amendment Bill, in relation to addressing misuse of the Financial Service Providers Register.

This background paper provides information about the key participants in the Australian financial planning industry, some features of this industry, the main services offered by financial planners and advisers, as well as an outline of a selection of regulatory issues.

This background paper outlines the main categories of financial products available to retail investors, the size of retail investment in the main categories of financial products held by Australian retail investors and the ways in which retail investors are protected, including prohibitions and restrictions on retail investment in particular financial products.

This background paper explains both the current education and training requirements for financial advisers or financial planners and the key aspects of recent reforms in this area. This paper has been prepared using publicly available information.