Melbourne, 4 December 2024. Life, health and wellbeing insurer AIA Australia has congratulated Financial Services Minister Hon. Stephen Jones MP on his ongoing work to enable millions of Australians to get access to good-quality advice.
AIA Australia CEO and Council of Australian Life Insurers (CALI) co-Chair Damien Mu said that the Minister’s announcement on the Government’s advice reforms would support Australians with their financial wellbeing now and in retirement, which would have a positive social and economic benefit for the country.
“As a life insurance and advice provider, we want to be able to help more people to understand their protection needs as their lives change, to right-size where needed and to assist with affordability. We believe the Government reforms will be a huge step towards meeting an under-served need in the current environment,” Mr Mu said.
AIA Australia also welcomed the Government’s efforts to ensure professional advisers and advice licensees receive all of the benefits of the reform package, both through the reduction in red tape and through the ability to offer simple advice through the new class of adviser.
“Australians benefit when they have access to good advice, and we are so pleased that the Government’s reforms will allow a range of institutions and advice models to provide much-needed advice efficiently and effectively,” Mr Mu said.
Mr Mu acknowledged the ongoing consultation work between the Government, Treasury and industry, and said that AIA Australia looked forward to continuing this constructive work during the legislative consultation period.
