From www.professionalplanner.com.au: Superannuation funds should be barred from offering personalized financial advice until all account-based pension products are subject to an APRA performance test, according to a Grattan Institute report.

The report advocates for the establishment of a UK-like guidance service, dubbed Retire Smart, to provide members with better advice as they transition to retirement, addressing issues of trust due to perceived conflicts of interest.

It advocates stronger consumer protections in financial advice and suggests that reform initiatives should only proceed once retirement products are included in performance assessments.