News Article
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”.
Compensation Scheme of Last Resort (CSLR) update
On 25 November 2021, the Senate referred the Financial Accountability Regime and CSLR legislation to the Economics Legislation Committee (Committee) for inquiry and report by 15 February 2022.
Superannuation fund holdings for Russian assets
On the 3rd of March 2022, the Federal Government confirmed its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets.
Foreign Financial Services Provider regime update
The revised Foreign Financial Services Provider Bill was introduced on 17 February 2022 in the House of Representatives.
Compensation Scheme of Last Resort
The Financial Accountability Regime Bill 2021 and Financial Services Compensation Scheme of Last Resort (“CSLR”) Levy Bill 2021 and related bills were referred to the Senate Economics Legislation Committee (“Committee”) for inquiry and report by 15 February 2022.
FSC welcomes new Executive Director for Advocacy
Spiro Premetis has started at the FSC as our Executive Director for Advocacy, bringing with him extensive experience in financial services policy and politics.
The value of life insurance
As we draw stumps for 2021, it’s natural that we may feel in some way compelled to look back and reflect on the year we’ve, at times, had to struggle to get through.