Policy

18 December 2018 |

The Superannuation Practitioners Group (SPG) is a collaborative forum designed to support all superannuation funds and their service providers, at no cost, by delivering practical insights, fostering industry-wide collaboration, and driving operational excellence. Through SPG, participants gain:  Regulatory change implementation support, including guidance and shared experience on implementing complex reforms across the industry Standards alignment, development and adoption of industry standards that simplify administration and improve outcomes A trusted platform for dialogue and alignment between industry and regulators to ensure practical, effective solutions. Practical insights and peer-to-peer learning from experienced superannuation practitioners. Timely updates and interpretation of policy and regulatory changes. Opportunities to share knowledge, challenges, and solutions across the superannuation ecosystem. Tools, frameworks, and best practices to lift administration efficiency and member outcomes. All superannuation funds and their service providers are welcome to join SPG, whether or not they are FSC members. SPG is provided free of charge by the FSC as part of its commitment to supporting best practice, regulatory alignment and operational capability across the superannuation sector.   FSC Contact . Hans van Daatselaar Director – Superannuation Implementation This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak39f0119d64b4b8375526ff5d8b375e78').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy39f0119d64b4b8375526ff5d8b375e78 = 'hvandaatselaar' + '@'; addy39f0119d64b4b8375526ff5d8b375e78 = addy39f0119d64b4b8375526ff5d8b375e78 + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text39f0119d64b4b8375526ff5d8b375e78 = 'hvandaatselaar' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak39f0119d64b4b8375526ff5d8b375e78').innerHTML += ''+addy_text39f0119d64b4b8375526ff5d8b375e78+''; David Delaney Superannuation Specialist, Implementation This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak379bfb9215857500846b98adc67f1cb5').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy379bfb9215857500846b98adc67f1cb5 = 'ddelaney' + '@'; addy379bfb9215857500846b98adc67f1cb5 = addy379bfb9215857500846b98adc67f1cb5 + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text379bfb9215857500846b98adc67f1cb5 = 'ddelaney' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak379bfb9215857500846b98adc67f1cb5').innerHTML += ''+addy_text379bfb9215857500846b98adc67f1cb5+'';   Spiros Koziaris Superannuation Specialist, Implementation This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak4a1e1f699aa9a0635c612f2f6197e77c').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy4a1e1f699aa9a0635c612f2f6197e77c = 'skoziaris' + '@'; addy4a1e1f699aa9a0635c612f2f6197e77c = addy4a1e1f699aa9a0635c612f2f6197e77c + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text4a1e1f699aa9a0635c612f2f6197e77c = 'skoziaris' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak4a1e1f699aa9a0635c612f2f6197e77c').innerHTML += ''+addy_text4a1e1f699aa9a0635c612f2f6197e77c+'';       //

17 March 2020 |

It’s time for a debate on how we make financial advice affordable and accessibleThe FSC is leading the debate on making financial advice affordable and accessible to more Australians. Our Green Paper on financial advice – available here – outlines solutions to reduce the cost of advice and unnecessary regulation and duplication.It outlines, for public discussion, bold proposals for reducing the cost and complexity of financial advice which include: Simplifying the definitions of advice into categories of personal advice and general information and separating product from advice; Evolution of the consumer protection framework by removing the safe harbour steps so that the Code of Ethics is the single tool to meet the Best Interests Duty;Abolition of the Statement of Advice and in its place enable a scaleable Letter of Advice that empowers consumers and is responsive to their needs.The Green Paper also includes proposals for harnessing data and technology to drive a more efficient advice process for consumers, incentivise uptake of financial advice and more effective regulatory support to build certainty and confidence. The FSC is seeking submissions from the public until 1 July 2021 and these should be emailed to This email address is being protected from spambots. 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17 March 2020 |

ABOUT The Digital Advice Expert Group has been formed with the goal of defining digital financial advice in an Australian context, and helping shape the policy environment to support its adoption. Digitally delivered financial advice is now widely accepted as a critical component in the Australian government’s policy goals of increasing the accessibility and affordability of advice in general, and especially towards the goal of seeing superannuation funds delivering much larger volumes of advice to their members. WHAT IS DIGITAL ADVICE? Digital advice is not a special form of advice; it is the digital delivery of personal financial advice whether guidance or general advice through to personal advice. It operates within the existing advice regulatory framework.Its distinct characteristic is the use of technology to undertake parts or even all of the advice process: gathering data, understanding a consumer’s circumstances and objectives, developing a recommended strategy, and an appropriate manner of implementing the strategy (which may or may not involve product recommendations).While the entire advice process can be automated, in many cases digital advice is combined with a human adviser, and/or employee or call centre support, to deliver the confirmation that many consumers value, especially with more complex topics such as retirement.By combining the best aspects of technology and people, digital advice can make advice available to far more Australians, at far lower cost than traditional financial advisers. It works alongside traditional advisers, and other professions such as accounting, and employers, who continue to play an important role, and make advice possible once more for everyday Australians. DIGITAL ADVICE EXPERT GROUP MEMBERSHIP We welcome representatives from financial technology advice providers to join the group. Please reach out via the FSC for membership details. FSC CONTACT For more information please contact:Julia HukkaPolicy Manager, Investment Platforms & SuperannuationP: 0432 482 155E: This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloaka62c456c020bf4589d2a694775fd344e').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addya62c456c020bf4589d2a694775fd344e = 'jhukka' + '@'; addya62c456c020bf4589d2a694775fd344e = addya62c456c020bf4589d2a694775fd344e + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_texta62c456c020bf4589d2a694775fd344e = 'jhukka' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloaka62c456c020bf4589d2a694775fd344e').innerHTML += ''+addy_texta62c456c020bf4589d2a694775fd344e+''; OBJECTIVES Representation Work within the FSC in proposing policy and responding to draft policy from regulators and government Standard setting Raise awareness and understanding of definition of digital advice, and its benefits for consumers and stakeholders Collaboration Work with industry bodies, associations and traditional financial advice providers to advance adoption of digital advice Best practice Facilitate the exchange of digital advice knowledge and insights from overseas and within Australia to inform industry standards and end-state objectives Promote adoption Encourage financial institutions, large and small, to integrate digital financial advice within their customer propositions to provide greater accessibility, affordability and choice for Australians seeking secure financial futures FOUNDING MEMBERS andrew baker Global Head of Strategy & Corporate ServicesIgnition Advice Andrew has over 30 years of experience in the financial services industry including founding industry consulting firm Tria Investment Partners, and subsequently senior roles with AustralianSuper, QSuper, and NMG Consulting’s London practice. Andrew develops and executes Ignition’s business and financial strategy and acts as Ignition’s policy subject matter expert. George Haramis Fiduciary Co-Founder & CEOMONEYGPS George has over 30 years of financial services experience in senior executive roles managing some of the country’s largest and most successful financial advisory business, including; Perpetual Private Clients, Head of Advice & Investments at ANZ Private Bank, Managing Director of RetireInvest – Australia’s only Franchised Advice business, Principal of Mercer Global Consulting and managed Sealcorp’s advice business Securitor, as well as establishing the Asgard Corporate division. Jacqui Henderson Digital ADVICE CONSULTANTCHIEF STRATEGY OFFICER, INTELLIGENCEINK  Jacqui’s 20+ years’ experience in private wealth & fintech, coupled with her professional background in the telco & technology industries sparked pioneering her venture into digital advice. Jacqui is passionate about the digital advice client experience, human behavioural science, and AI – all of which were founding principles of her innovative Advice Intelligence software. She consults to financial advice firms & institutions in developing their digital advice strategy; specialising in client experience journeys, target service & operating models, through to technology implementation. Jason Nyilas Executive AdviserMoneyGPS Jason has a wealth management and pensions background from his time in Australia and overseas over the course of 30 years. He has worked in industry and in professional services firms focusing on strategy, marketing, operations, M&A and digital transformations for wealth and retirement firms in the US, the UK, Malaysia and Australia. He is Executive Adviser to two fintechs, MoneyGPS and HeirWealth. DIGITAL ADVICE EXPERT GROUP MEMBERS ORGANISATIONDASH Technology GroupFiduciary Financial ServicesIgnition AdviceIntelligenceInkIress LimitedOtivo WEBSITEhttps://www.dash.com.au http://www.fiducian.com.auhttps://www.discoverignition.comhttps://www.intelligenceink.comhttps://www.iress.com.auhttps://www.otivo.com //

21 June 2022 | Ben Mcalary

. The Genetics Moratorium Review  In June 2019, the FSC introduced the Moratorium on Genetic Tests in Life Insurance. The Moratorium allows people to take out life insurance cover up to prescribed limits, without having to disclose an adverse result of a genetic test. The Moratorium is currently set to run until 30 June 2024, and the FSC is currently conducting a review with a view to extending it.  The FSC has called for submissions from key stakeholders with a deadline of 4pm Friday, 29 July 2022. A copy of the Review Paper can be downloaded here. Submissions once received will be published below.  .

21 June 2022 | Ben Admin

The Life Insurance Code of Practice is now the responsibility of the Council of Australian Life Insurers (CALI). More information can be found here. For insurance consumers, the independent Life Code Compliance Committee (LCCC), administered by the Australian Financial Complaints Authority, will continue to ensure that the Life Code’s principles are upheld and enforced. Consumers are encouraged to contact the LCCC at lifeccc.org.au in relation to any individual insurance matters. 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17 March 2020 |

REDUCING THE COST OF PROVIDING FINANCIAL ADVICE BY ALMOST 40 PER CENT  Our White Paper on financial advice – available here – outlines the FSC’s platform to reduce the cost of advice and unnecessary regulation and duplication.TIMELINE FOR REFORM OF THE FINANCIAL ADVICE SECTORBY 2023BY 2026BY 2030> Safe harbour steps abolished > Code of Ethics amended > Letter of Advice with scalable advice obligations introduced > Statement of Advice and Record of Advice abolished > Wholesale client asset test threshold increased and indexed > Breach reporting framework revised > Consult and clarify framework for licensees and advisers to support individual registration Regulatory Guidance to become more exemplary than prescriptive > ASIC Advice Unit established > Legislate personal advice and general information – abolish redundant terms and separate product from advice > Update licensing and registration framework > Introduction of a ‘practising certificate’ > Prior learning and equivalent pathways recognised > Accreditation to be conducted by universities and Registered Training Organisations (RTOs) Commencement of principles-based regulatory framework > Tax deductibility or rebate for all financial advice > Self-regulation by the industry > Principles-based regulatory framework fully implemented > Increased role for professional bodies and industry standardsONGOING REFORMS> Data standardisation > Measures to enable financial advice providers to access consumer dataKPMG determined that the advice process costs $5334.64. Their analysis shows that should the FSC’s core recommendations (abolition of the safe harbour steps, introduction of a Letter of Advice, and relabeling of advice definitions) be fully implemented that: The cost of providing financial advice will be reduced by almost $2000 or by 35-37 per cent.Save financial advisers up to 32 per cent of their time when providing advice to clients.Allow advisers to provide advice to an additional 44 new clients each year.Time required to complete the advice process would reduce from 23.9 hours to under 16.8 hours per consumer, allowing advisers to focus on what they do best – support consumers.  DOWNLOAD THE WHITE PAPERREAD THE MEDIA RELEASEDownload the KPMG research papers here;The Cost Profile of Australia's Financial Advice Industry Final ResearchCost Profile of Australia's Financial Advice Industry Research Result Infographic Summary ._ERbj1g7D { position: relative; } ._nDEv0Ex7 { display: block; width: 100%; margin-bottom: 20px; line-height: 1.5em; 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Date of Publication: 21 June 2024
Version: 1.0

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