News Article
Improving the efficiency of Australia's superannuation system
Australians deserve a superannuation system that is fair, efficient and competitive. When it comes to the regulatory environment, Australian superannuation funds have been navigating the biggest reform agenda since the system’s inception.
2022 federal election called
With the 2022 election having been called on the weekend, the campaign period will see the FSC take stock in preparation for the outcome.
Financial Fraud and Regulating Google and Facebook
Major digital platforms such as Google and Facebook have been under greater scrutiny over the way their services, particularly through targeted advertisements and taking advantage of algorithms, can be used to spread misinformation.
Clarification of application of unfair contract terms regime
The FSC has had success in advocating for changes to the unfair contract terms regime so that it appropriately caters for life insurance.
Quality of Financial Advice Review
By the end of this year all of us will have a picture of what the advice sector could look like when Michelle Levy’s Review makes its recommendations to government.
Life Insurance Framework
Treasury’s Quality of Advice review will determine the policy settings of life insurance for years to come and show that the Life Insurance Framework has been an effective reform that has protected consumer outcomes.
Guidance for Divesting Russian Assets
The FSC has released guidance to assist superannuation trustees and fund managers with divestment of Russian assets, consistent with the strong expectations outlined by the Government.
Why taking a genetic test won’t stop you getting life insurance
In 2019 Australian life insurers introduced a Moratorium on using genetic test results to assess life insurance applications.
Corporate Collective Investment Vehicle (CCIV) now law
The FSC was very pleased that the CCIV passed Parliament in February and is now law. The FSC welcomed the implementation of this historic reform for financial services.
The redesign of financial advice is underway
Over-regulation has caused the unprecedented attrition of advisers from the industry. The advice sector begins the year with an estimated 18,500 advisers, having experienced a 25% decline from over 25,000 advisers three years ago, in a market of 2.6 million consumers of financial services.
ASIC regulated entities encouraged to adopt enhanced cyber security position
The Australian Cyber Security Centre (ACSC) recently issued an alert supporting Australian organisations adopting an enhanced cyber security position to improve their cyber security resilience in the current “heightened threat environment”.