News Article
A stronger and more resilient industry
The financial services industry is closing out a challenging 2021, not only as a result of the continuing reverberations from COVID-19, but due to the significant waves of regulation that were implemented or commenced operation.
Modern Slavery Amendment Bill 2021 (NSW)
The Modern Slavery Amendment Bill 2021 has been passed by New South Wales Parliament on 14 October 2021. This Bill amends the Modern Slavery Act 2018 (NSW), with the amended Bill will now commencing on 1 January 2022.
Competition in Funds Management
ASIC asked Deloitte Access Economics to undertake independent research examining competition in the funds management sector with a focus on the outcomes that the industry is delivering for investors in retail managed investment schemes.
The Financial Accountability Regime (FAR) progresses
The Financial Accountability Regime draft bill (FAR Bill) was introduced into the House of Representatives on Thursday 28 October.
Ensuring Australians have certainty over their insurance cover
When the Government’s ‘Your Future, Your Super’ reforms were passed this year they introduced an important consumer protection to ‘staple’ superannuation members to their fund, so that they take their superannuation account with them from job to job. The stapling regime came into effect on 1 November.
Next steps on the White Paper on Financial Advice
The launch of the FSC’s White Paper on Financial Advice this month has been well received. While it will hard code the philosophy and direction of FSC advocacy for the sector going forward – reform cannot come soon enough.
Capital concentration and competition policy – serious issue or tilting at windmills?
The House of Representatives Standing Committee on Economics is currently holding an inquiry into the implications of common ownership and capital concentration in Australia.
Leading the development of solutions to reduce compliance burdens – one of the biggest differences industry bodies can make
The FSC has made no secret of the need to reduce the regulatory burden on the financial services industry, particularly financial advice, in its advocacy to Government and regulators.
Professional advice is the safest vehicle for embracing a brave new world of information and wealth
The recently released Intergenerational Report shows the implications of an ageing population with rising health costs and fewer taxpayers by 2060.
Financial Accountability Regime (FAR) update
The FSC made a submission on 13 August to Treasury in respect of the Financial Accountability Regime (FAR) draft Bill, a recommendation of the Hayne Royal Commission due to start from 1 July, 2023.