From www.professionalplanner.com.au: The Albanese government has released the draft legislation for Tranche 2 of the Delivering Better Financial Outcomes (DBFO), which eliminates Statements of Advice (SOAs) in favor of Client Advice Records (CARs) and clarifies advice topics for collective charging in super funds.

While the bill aims to lower the cost of advice, it still faces industry concerns regarding pending reforms to the Best Interests Duty and the introduction of a “new class of adviser.”

Stakeholders have until May 2 to provide feedback on the draft legislation, with further changes expected before finalization.