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It comes after the Financial Planning Association (FPA), Association of Financial Advisers (AFA) and Financial Services Council (FSC) announced they had reached an agreement on the reform package, supported by the government, last week.
The proposal will see financial planners who provide life and risk insurance advice subject to a new remuneration regime.
“We welcome the government’s clarification on the future reforms recommended for the retail life insurance and financial advice sectors in Australia,” ANZ Global Wealth deputy managing director, Gavin Pearce, said.
“We’re pleased to see acceptance across the industry that the insurance and advice sectors need to change in order to rebuild trust and fulfil the important objective of ensuring Australians are properly protected.”
Mr Pearce noted that with many Australians still unaware of their protection needs or the implications of being under-protected, maintaining and supporting a sustainable insurance advice industry is critical.
Education and information need to remain on the agenda to help address this issue, he added.
“We look forward to working with the government and industry bodies to ensure a smooth implementation, as well as working with our advisers to support them through the change,” Mr Pearce said.
“ANZ is committed to ensuring customers continue to receive good quality advice, which we believe is essential for the financial future of all Australians.”