The government has issued its formal response to the Quality of Advice Review, covering removing regulatory red tape, expanding access to retirement income advice, and exploring new advice channels.

The government has clarified details on why a sunset clause is excluded from experience pathway legislation, introduced to the House of Representatives this week, despite industry pushback during the consultation period.

A Western Australian financial adviser is on trial for allegedly stealing $1 million from the superannuation accounts of eight clients to fund his gambling habit.

Superannuation funds are expected to be the big winners in this year’s Quality of Advice Review as Association of Superannuation Funds Australia deputy chief executive, Glen McCrea, welcomes the formal response.

Minister for Financial Services, Stephen Jones, has said the government will review the remaining eight recommendations in the Quality of Advice Review by the end of the year.