From www.claytonutz.com: Treasury has released draft legislation for the second tranche of the Government’s financial advice reforms, focusing on enhancing client advice through the introduction of a Client Advice Record and clarifying rules regarding superannuation-related advice fees.

The reforms aim to simplify compliance requirements for advice providers while promoting cost-effective financial guidance for clients, especially concerning retirement.

Superannuation funds would also be permitted to issue targeted prompts to members at key life stages to encourage engagement with their superannuation.