From www.smsfadviser.com: Outgoing Financial Services minister Stephen Jones announced the release of the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms, which aims to make financial advice more accessible to Australians by cutting unnecessary costs.

Key changes include replacing the Statement of Advice with a client advice record and allowing superannuation funds to engage members more effectively.

Notably absent from this tranche are updates to the best interests duty and the introduction of a new class of advisers, with the government planning further consultation on these areas.