“Superannuation funds will play an important role in providing retirement advice, however if the Government narrowly implements key reforms they could fail to attract the industry investment that is necessary to deliver quality advice to the millions of Australians that would benefit from it at different stages of life,” said FSC chief executive Blake Briggs.

A consortium of wealth management companies calling itself as the “Group of Nine” said it supported the decision to boost the role of super funds. It welcomed the pledges to remove the so-called “safe harbour steps” compliance checklist and introduce legislation to honour an exemption for experienced advisers from obtaining a tertiary degree (a 2022 election promise).

But it warned that the ability for firms to offer simple forms of cost-effective or “scaled” advice were still challenged by the industry code of ethics introduced by the previous Coalition government. “Removing safe harbour is sound in principle but not without addressing the conflict with the code if consumers want professional help with transactional and episodic advice,” said a statement from the group.

The consortium is made up of Australia’s two largest providers of advice, AMP and Insignia Financial; ASX-listed firms WT Financial, Diverger Limited and Australian Unity; and privately owned firms Fortnum, Infocus, Fitzpatricks and Otivo.

Ms Levy declined to comment.