From www.ifa.com.au: Liberal MP Bert van Manen has introduced a private member’s bill aimed at streamlining the excessive paperwork and regulations surrounding statements of advice (SOAs), which he believes hinder financial advisers from providing cost-effective services.

The proposed changes include replacing lengthy SOAs with a concise letter of engagement and a simplified record of advice, potentially reducing administrative burdens on advisers.

Current regulations lead to bloated SOA documents that clients often do not read, while the regulatory focus prioritizes product sales over essential strategic advice.