Welcome to Issue 76 of the FSC Policy Update. This article outlines legislative and regulatory developments in the superannuation, investments, financial advice, tax, technology and innovation sectors, plus more. Learn about what’s impacting the financial services industry below.
The Government introduced legislation into the Parliament to implement the Government policy of increasing the taxation arrangements on balances over $3 million dollars.
The drafting of the Bill is consistent with previous consultations, in particular the Bill does not index the $3 million threshold and maintains the approach of taxing unrealised capital gains.
The Bill will likely go to Committee review over the Summer and there is expected to be political debate around the absence of indexation and the approach to taxing unrealised capital gains.
In November 2023 the Government introduced into the Parliament the “Superannuation (Objective) Bill 2023”. The wording of the Objective is the same as the two previous consultation versions previously seen by industry.
The Bill has now been referred to the Senate Economics Legislation Committee for inquiry and report by 28 March 2024. Submissions are due 9 February 2024.
Final was introduced on 30 November 2023 for the proposed licensing exemptions for foreign financial services providers.
Subject to some notable changes mentioned below, the provisions are largely the same as contained in the earlier FFSP Bill introduced in August 2023 and would enable FFSPs to distribute their offerings in Australia by:
- providing an exemption from the requirement to hold an AFSL for FFSPs that provide financial services from outside Australia to professional investors (the professional investor exemption);
- providing an exemption from the requirement to hold an AFSL for FFSPs regulated by comparable regulators and that provide financial services to wholesale clients (the comparable regulator exemption);
- providing an exemption from the requirement to hold an AFSL for FFSPs that provide financial services which involve making a market for derivatives that are able to be traded on a specified licensed market (the market maker exemption); and
- fast-tracking the licensing process for FFSPs seeking to establish more permanent operations in Australia by providing an exemption for foreign companies regulated by comparable regulators from the fit and proper person test when applying for an AFSL to provide financial services to wholesale clients (the fit and proper person test exemption).
We are informed by Treasury that If these provisions are passed by Parliament, the new regime will commence on 1 April 2025.
Efficiently, honestly and fairly condition – applies to all exemptions. The previously proposed condition that an FFSP must (subject to limited exceptions) do all things necessary to ensure that financial services are provided honestly, efficiently and fairly has been narrowed to an extent, with the new wording now reading (changes in italics) as follows “ If the financial services business that the person carries on is carried on predominantly inside this jurisdiction, the person must do all things necessary to ensure that financial services provided in reliance on the exemption are provided efficiently, honestly and fairly.”
Conditions about submitting to Australian jurisdiction – applies to all exemptions. The Bill now clarifies that the FFSP must submit to the non-exclusive jurisdiction of the Australian courts for proceedings brought by ASIC or another Commonwealth authority (but not any other party), where those legal proceedings relate to providing financial services in reliance on an exemption.
Marketing visits – professional investor exemption. The Bill contains clarifications in respect of limited marketing visits which an FFSP representative may undertake when relying on the professional investor exemption (the total length of the marketing visits must be less than 28 days during the financial year for the representative).
Certain Licensed Markets – professional investor exemption. The previously proposed restriction that would make the professional investor exemption unavailable for dealings in certain financial products tradeable on certain licensed markets has been removed.
Adequate oversight of representatives – comparable regulator exemption. The previous proposal to require an FFSP relying on the comparable regulator exemption to have adequate oversight of its representatives and ensure adequate training has been dropped.
For more information, please contact Ashley Davies.
Digital ID Bill Introduced into Parliament
Minister for Finance, Katy Gallagher has introduced the Digital ID Bill into Parliament. The Bill, which was consulted on in August outlines how the proposed Digital ID regime will operate in Australia.
Digital ID is not a new form of ID but rather an interoperable digital identity verification service. It will allow a person to verify both their state-based ID (I.e. driver’s licence) and federal based ID (I.e. passport) and present that verification to reliant organisations.
The FSC made a submission to the Exposure Draft consultation and will look to make a submission to the Committee for consideration.
The Government has released the long-anticipated Treasury Consultation Paper on retirement phase policy settings.
The consultation paper covers three topic areas:
- Supporting consumers to navigate retirement income
- Supporting funds to deliver better retirement income strategies
- Making lifetime income products more accessible.
The consultation will run until 9 February 2024.
In November 2023 APRA published their 2023 Annual Performance Test Insights Paper and Extended Performance Test Results.
APRA have noted that fees should be reviewed to ensure the additional services provided justify their higher fees and are providing value for money for members. Further APRA stated that Trustee’s should continue to look to reduce fees where possible, however fee reductions should not be at the expense of ensuring products and RSEs remain sustainable.
The APRA Insights Paper also makes no mention or further insights into Minister Jones’ recent speech at the AFR Super & Wealth Summit where he flagged the “the performance test will need to evolve into a more enduring test.”
In October APRA commenced consultation on the publishing and confidentiality of data collected through the Superannuation Data Transformation Project. The FSC made a submission highlighting the importance of transparency to consumer outcomes but urging APRA to appropriately contextualise the data that is published so that it is most useful to consumers.
APRA have released the first tranche of consultations for Phase 2: Depth of the Superannuation Data Transformation (SDT) Project.
The discussion paper touches on the collection of data on:
- Investments (including indirect investment costs)
- RSE profile
- RSE licensee profile
- RSE licensee financials
APRA have also published draft reporting standards and reporting tables.
This is the first of at least two tranches of consultation for Phase 2 of the SDT, following the completion of consultation on Phase 1 with the consultation on publishing and confidentiality. Other topics for consideration in later stages of Phase 2 are:
- RSE Licensee operations
- Non-financial risk
- Financial data
The FSC will be making a submission to this consultation.
The Senate has established a new Inquiry into improving consumer experiences, choice, and outcomes in Australia’s retirement system. The inquiry has a wide focus including regulatory settings for insurance uptake in retirement, encouraging innovation in the retirement income system, implementation of the retirement income covenant, and increasing consumer outcomes for members into retirement. Please see the full Terms of Reference extracted below.
The inquiry sits within the Senate Standing Committee on Economics and will be chaired by Senator Andrew Bragg.
The FSC is keen to engage with the inquiry, highlighting the importance of choice and good insurance outcomes throughout the lifecycle of a superannuation consumer, including in the retirement phase.
The Sustainable Finance Strategy consultation paper is seeking stakeholder views on how government can support investors and encourage sustainability-related capital flows. The paper recognizes that the financial system has a crucial role to play in supporting Australia’s transition to net zero and renewable energy reliance, through managing emerging climate-related and broader sustainability-related opportunities and risks via capital allocation to deliver long-term financial returns and support financial stability. The strategy has three overarching objectives:
- Mobilising the private sector investment needed to support net zero, Australia becoming a renewable energy superpower and other sustainability goals.
- Ensuring Australian entities can access capital and pursue business opportunities that support the transition and are aligned with positive sustainability outcomes.
- Ensuring climate and sustainability-related opportunities and risks are well understood and managed at the entity and systemic level.
To deliver on these three objectives, the strategy contains three pillars and twelve priorities for consultation:
Pillar 1: Improving Transparency on Climate and Sustainability
- Priority 1: Establish a framework for sustainability-related financial disclosure
- Priority 2: Develop a sustainable finance taxonomy
- Priority 3: Support credible net zero transition planning
- Priority 4: Develop a labelling system for investment products marketed as sustainable
Pillar 2: Financial System Capabilities
- Priority 5: Enhancing market supervision and enforcement
- Priority 6: Identifying and responding to potential financial risks
- Priority 7: Addressing data and analytical challenges
- Priority 8: Ensuring fit for purpose regulatory frameworks
Pillar 3: Australian Government Leadership and Engagement
- Priority 9: Issuing Australian sovereign green bonds
- Priority 10: Catalysing sustainable finance flows and markets
- Priority 11: Promoting international alignment
- Priority 12: Position Australia as a global sustainability leader
The FSC will be providing a submission based on feedback from the ESG Working Group. Final submissions are due on 1 December. After considering feedback, the Government will publish an implementation roadmap for the strategy.
The Australian Accounting Standards Board (AASB) has released Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information which provides detailed climate-related financial disclosure requirements. FSC member feedback is currently being sought on the exposure draft, with final submissions due on 1 March 2024.
Separately, we are awaiting the release of Treasury exposure draft legislation that will provide the legislative framework for the disclosure regime, including relevant reporting entities and the timing/phasing of the regime. This is expected before the end of the year.
Treasury continues to consider feedback received from stakeholders. Treasury is expected to provide its advice to Government in early 2024. Changes to the wholesale investor test are under active consideration. The FSC has commissioned research from PwC to inform changes to the wholesale investor test thresholds, particularly to provide an empirical basis for setting new thresholds for the individual investor asset test. The FSC intends to provide the final research to Treasury and will continue to engage with the Government as it seeks to finalise outcomes from the review over the next few months.
The ASX has now published its Response to Consultation Feedback report on the AQUA Product Naming Rule Amendments. The FSC provided the only submission. In consultation with the FSC, the ASX has now confirmed the following changes:
- Deleting the words “based on the net asset value of the ETF” from paragraph (c) of the definition of ETF.
- Including an additional interpretative note in the definition of ETF for paragraph (d) as follows:
- “For the purposes of paragraph (d) above, there may be circumstances where applications for and redemptions of ETF Securities are suspended for specific reasons or for short periods of time.”
- New fund flow disclosure rule: Clarifying the basis of valuation for the total and net flow of funds disclosure in the Procedure to AQUA Rule 10A.4.1(f) so that it reads:
- ‘The total values of new unit issues and unit redemptions, and the difference between those values, reflects the price (exclusive of transaction costs) at which the units were issued and redeemed during the reporting month.’
All rule amendments will be subject to the usual regulatory clearance process following which, the final rule changes will be published. Subject to the regulatory clearance process, the final rules package will be released to the market in mid-March 2024 and the final rule amendments will become effective in mid-April 2024.
The report can be found here.
The ASX has announced their intended closure of the mFund service. The announcement can be found here.
They have also published a response to the consultation on the future of the mFund service which can be found here.
The FSC submission recommended a transition period of two years to allow for an orderly transition. The ASX are providing a two-and-a-half-year transition window, with the aim of having all funds off the service by 31 May 2026.
Cost relief will be provided for funds on the service and the ASX intends to provide a cost-effective way for mFund issuers to move to ETFs.
An industry working group is being formed to coordinate the winding down work that needs to occur. The first meeting will be on the morning of December 7. An EDM will be sent out requesting nominations for participants.
The Department of Home Affairs is conducting consultation on the size and composition of Australia’s 2024-25 Permanent Migration Program. The FSC has made submissions to previous consultations on migration policy to highlight the value of the Significant Investor Visa and the significant benefit it provides to Australia.
Submissions are open until 17 December 2023. Further information can be found on the Department of Home Affairs website.
The Government has released Exposure Draft legislation for consultation to implement the following Quality of Advice Review recommendations:
- Recommendation 7: clarifying the legal basis for superannuation trustees reimbursing a member’s financial advice fees from their superannuation account, and associated tax consequences;
- Recommendation 8: streamlining ongoing fee renewal and consent requirements and removing the requirement to provide a fee disclosure statement;
- Recommendation 10: providing more flexibility on how FSG requirements can be met;
- Simplifying and clarifying the provisions governing conflicted remuneration, including:
- Recommendations 13.1 and 13.3: clarifying that monetary or non-monetary benefits given by a client are not conflicted remuneration along with the removal of consequential exceptions;
- Recommendation 13.4: removing the exception to conflicted remuneration rules for the issue of financial products where advice has not been provided in the previous 12 months;
- Recommendation 13.5: removing the exception to conflicted remuneration rules for agents or employees of Australian Authorised Deposit-Taking Institutions (ADIs); and
- Recommendation 13.2: introducing a specific exception to the conflicted remuneration provisions that permits a superannuation fund trustee to pay a fee for personal advice where the client requests the trustee to pay the fee from their superannuation account.
- Recommendations 13.7 to 13.9: introducing new standardised consent requirements for life risk insurance, general insurance and consumer credit insurance commissions.
The deadline for submissions is 6 December 2023. Full materials are available on Treasury’s website here.
The Government will finalise its response to policy questions that include the safe harbour, statements of advice and broader superannuation model for advice before the end of this year. Legislation implementing more recommendations from the Quality of Advice Review is expected in 2024. The FSC is developing its submission with input from working groups and board committees.
Following FSC advocacy, ASIC has extended the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024.
ASIC has extended the date of registration as the Treasury Laws Amendment (2023 Measures No. 1) Bill (the Bill) remains before parliament.
ASIC intends the extension will allow for:
- Parliament to consider the improvements proposed by the Bill;
- ASIC to assist the financial advice industry to understand and comply with the registration requirement by issuing regulatory guidance and conducting webinars; and
- Australian financial service (AFS) licensees to understand the registration requirement and to make necessary applications to register their relevant providers with ASIC.
ASIC will host two webinars on December 6 and 7 to provide more information about the registration requirement, including a step-by-step demonstration of the registration process. The objective is to support industry to meet its obligations.
The second webinar, Practical guide on how to register a Relevant Provider, will be held at:11:30AM-12:15PM AEDT Thursday, 7 December 2023 (enrol here).
ASIC issued a statement earlier this month confirming that financial advisers who are registered tax agents now satisfy the definition of a ‘qualified tax relevant provider’ without having to meet the requirements of Division 3 of Part 3 of the Relevant Providers Determination. ASIC has updated the Financial Advisers Register on a one-off basis on Friday 3 November to denote that affected individuals can provide tax (financial) advice services to retail clients. ASIC wrote to affected individuals and their AFS licensees to notify them before the update was made.
For further information, see ASIC’s recently updated guidance: Information Sheet 268 FAQs: Relevant providers who provide tax (financial) advice services (INFO 268), other information can be sourced in ASIC’s statement here: https://asic.gov.au/about-asic/news-centre/news-items/change-to-qualified-tax-relevant-provider-definition-for-registered-tax-agents/
The Government has released a consultation paper on Scams - Mandatory Industry Codes. For now, the proposed Codes will only apply to banks, telecommunications providers, and digital communications platforms. However, the paper also foreshadows that further sectors could be designated in the future, with Superannuation and other payment platforms named as potential candidates.
The framework proposes legislative changes to the Competition and Consumer Act with Principles based obligations underpinned by industry specific codes and standards. The individual industry codes would be placed into relevant industry regulator led legislation and administered by that regulator. For banks, this is ASIC, while for Telcos this is the Australian Communication and Media Authority. For digital platforms, these will come under the purview of the ACCC.
The high-level legislated principles outlined in the paper centre around the themes of prevention, detection and disruption, response, and reporting and require a business to develop and implement an anti-scam strategy, actively seek to detect and prevent scams, and have in place appropriate complaints mechanisms for customers.
The paper also contemplates mandatory compensation for consumers, where obligations have not been met.
The FSC will engage with this consultation by making a submission.
In October, Treasury released a consultation paper regarding the potential licensing framework for crypto platforms in Australia. This follows a significant amount of work by Government over the last several years in relation to the potential regulation of digital assets in Australia including a consultation on Crypto Asset Secondary Service Providers (CASSPRs), conducting a token mapping exercise to understand the use of digital tokens in the Australian economy, and undertaking a research project to ascertain potential use cases for a central bank digital currency in Australia.
One of the key concerns of Government in regulating digital asset platforms is protecting Australians from the consequences of the collapse of a crypto exchange, as with what occurred with the collapse of FTX last year.
The paper proposes to regulate digital asset platforms in Australia by bringing them within the existing AFSL regime under a new class of financial product called a digital asset facility. It defines digital asset platforms as being “multi-function platforms that hold assets for customers”.
Issuers and those arranging or dealing in digital asset facilities, such as brokers, arrangers, agents, market makers and advisers would all be required to hold an AFSL.
Another key aspect of the proposed regime is the distinction between financial and non-financial crypto assets. As some crypto assets are currency like and clearly financial while others, such as non-fungible tokens (NFTs) are not necessarily financial. Importantly, the proposal ensures that these types of assets do not become financial products, but the custody of those assets still brings a service provider within the AFSL regime.
ASIC has released the results of their Cybersecurity Posture Survey. The voluntary survey was conducted in July and participants received a relativity report ranking their cybersecurity posture in relation to their cohort.
Overall, ASIC gave the entire survey field and aggregated cybersecurity preparedness score of 1.66 out of 4, highlighting that there were significant areas for improvement, particularly among smaller entities.
The report notes that organisations are doing well in the areas of identity and access management, governance and risk management, and information asset management. But noted that there were areas for improvement in supply chain risk management, data security, consequence management, and the adoption of cyber security standards.
ASIC has highlighted that cybersecurity and resilience will be key areas of focus for it over the coming year. The posture survey results will be used to determine what specifically ASIC should target for regulatory intervention.
Home Affairs Minister Claire O’Neil has unveiled the final Australian Cyber Security Strategy 2023 – 2030. The Strategy envisions that by 2030, Australia will be a world leader in cyber security. It highlights six “cyber shields” that provide defence against cyber threats.
The six pillars are:
- Strong businesses and citizens – protecting citizens and businesses from cyber threats and ensuring they can recover quickly following a cyber-attack.
- Safe technology – ensuring Australians can trust that their digital products and services are safe, secure, and fit-for-purpose.
- World-class threat sharing and blocking – ensuring Australia has access to real-time threat data.
- Protected critical infrastructure – ensuring critical infrastructure and essential government systems can withstand and bounce back from cyber-attacks.
- Sovereign capabilities – ensuring Australia has a flourishing cyber industry, enabled by a diverse and professional cyber workforce.
- Resilient region and global leadership – ensuring Australia’s regional neighbours are more cyber resilient and will prosper from the digital economy.
The Government is expected to release a consultation paper to work directly with industry to inform proposed legislative reform on new initiatives to address gaps in existing laws, and amendments to the Security of Critical Infrastructure Act 2018 to strengthen protections for critical infrastructure.
The Government has released the first quarterly update of the National Anti-Scam Centre (NASC). The NASC commenced on 1 July 2023 with the express purpose of combatting scam activity in Australia.
The report notes that the quarter ended September 2023 ended with scam losses of $29.8 million, the lowest losses reported in a single month since October 2023.
The report also notes the achievements of the Investment Scam Fusion Cell, which FSC members actively participate in. The Fusion Cell has been sandboxing disruption activities based around investment scams including identifying and taking down investment scam advertisements and collating best practice industry guidance on the use of intelligence to uplift and scale up disruption activity.
The FSC has published version 2 of our template Target Market Determination (TMD) for Superannuation Wraps, Master Trusts, IDPS and Managed Accounts. The templates responded to comments from ASIC, including in ASIC Report 762 Design and Distribution Obligations: Investment Products, and several rounds of feedback ASIC provided to the FSC on the template.
Currently, the FSC and members are continuing work on the revised DDO due diligence questionnaire to address recent ASIC commentary including Report 762 and updating Data Standards.
For more information, please contact Ashley Davies.
This instrument has made a change to the position previously adopted by Class Order [CO 13/763] which the Instrument has replaced. Broadly, in respect of electronic access to information, the instrument requires an opt-out option to be provided not only where the client has received reasonable notice of electronic access, but also even where the client has already agreed to electronic access. This “opt out” applies to new and existing investors and poses concerns to members.
The FSC discussed this issue with ASIC directly and following international deliberation ASIC have fortunately agreed to return to the previous class order relief position. ASIC confirmed the IDPS and IDPS-like legislative instruments have now been amended on 28 November by ASIC Corporations (Amendment) Instrument 2023/876.
Consolidated versions of the IDPS and IDPS-like instruments reflecting these amendments will be published in due course.
Anti-money laundering and counter-terrorism financing laws (AML/CTF) . There has not been any firm indication of whether a consultation round will commence in 2023 before draft legislation is published, the FSC is continuing to monitor the situation.
The FSC has also separately been reviewing its AML/CTF guidance note, suite of AML/CTF forms and discussing changes and updates with the FAAA and members.
Finally, the FSC is in dialogue with AUSTRAC regarding certain practical issues regarding application of the AML/CTF Rules to customer identification and verification and is due to meet with them in early December.
The Government released its response to the Privacy Act Review Report ￼on Thursday 29 September 2023. It is not clear whether the AGD will move forward with consultation this year.
The new FSC IMA has been approved and is now available on the FSC website.
The FSC template constitution for retail CCIVs has been approved and is now available on the FSC website.
ASIC registered ASIC Corporations and Credit (Amendment) Instrument 2023/589 (LI 2023/589) on 19 October for commencement the next day. ASIC indicated it will be updating Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78) and associated guidance to reflect LI 2023/589.
The FSC has set up a new Breach Reporting WG which aims to progress advocacy for further improvements to the reportable situations regime. Meetings are being held and draft documentation prepared.
For more information, please contact Ashley Davies.
Treasury has commenced consultation on the regulatory framework for the use of genetic testing in life insurance underwriting. In particular, the consultation will examine the moratorium currently in place under the Life Insurance Code of Practice.
Specific questions in the consultation paper concern consumer protection and experience with the moratorium, options for regulatory intervention through a legislated ban or financial limits, and appropriate bodies for effective enforcement if a regime for the use of genetic test results is legislated.
Submissions are being accepted until 31 January 2024. Further information is available on the Treasury website.
On 27 October 2023, the FSC released the State of the Funds Management Industry Report, prepared by KPMG. Its key findings were that Australia is falling behind other jurisdictions as a financial centre:
- Despite strong industry growth, just 6.5% of funds under management in Australia is managed on behalf of overseas investors.
- This is a relatively small proportion compared to foreign capital managed in competing international financial centres such as Singapore (78%), Ireland (90%) or Luxembourg (95%).
- Tax and regulatory reform in Australia have tended to be tactical and responsive rather than holistic and modernising, while other major financial centres have implemented broad, coordinated reforms in their funds management sectors.
The report’s recommendations included encouraging the Government to consider transition arrangements to improve adoption of CCIVs, reviewing tax rules to make Australia competitive with other jurisdictions, and implementing a mechanism for modernising legacy products.
The FSC led a delegation of member taxation experts to Canberra to meet with key ministerial and departmental stakeholders. The trip sought to promote recommendations for strategic policy reform to develop Australia as a financial services centre, including on new investment vehicles and tax policy settings.
The ATO is currently consulting on a draft Law Companion Ruling (LCR 2023/D1) on the CCIV regime, with submissions due on 15 December 2023.
The ruling will outline the operation of the CCIV regime, explain the deeming principle and its effect on the tax treatment of a CCIV, its sub-funds and investors, as well as providing views on specific tax interpretative issues.
Further information on the consultation can be found on the ATO website.
The Government introduced the Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 into Parliament on 16 November 2023 to implement measures on tax adviser misconduct and promotion of tax avoidance.
The Bill seeks to:
- Amend promoter penalty provisions to expand their application, increase penalties and time to bring proceedings.
- Extend whistleblower protections.
- Expand Tax Practitioners Board (TPB) investigative powers.
- Allow sharing of protected information with Treasury and misconduct bodies for suspected breaches of confidence against the Commonwealth.
This is in addition to changes Tax Practitioner Board appointments and tax adviser professional obligations as part of the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023, which passed Parliament on 16 November 2023.
Other tax-related changes made in this Bill include aligning tax treatment of off-market and on-market share buy-backs made by listed companies and preventing certain financial arrangements funded by capital raisings from being able to apply franking credits.
Following consultation, the Government has tabled finalised amendments to the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 in the Senate.
The amendments resolve issues raised in FSC submissions on the application of the third-party debt test and EBITDA test to trusts and partnerships, as well as reforming the debt deduction creation rules to be more targeted at specific transactions and financial arrangements.
The legislation is expected to be debated in Parliament this week, with these amendments considered for adoption.
We wrap up the year with a strong presence in the media advocating for policies that would result in a fair and financially secure future for all Australians.
The FSC released its product modernisation report, conducted by EY, which found that removing barriers for superannuation funds and fund managers to transition consumers to modern investment products would result in consumers retiring with cumulatively $16 billion more by 2050. The Australian covered this story as well as trade press. CEO of the FSC Blake Briggs penned an accompanying oped, which was followed by a television interview on AusBiz.
The FSC’s State of the Funds Management Industry report, prepared by KPMG, was launched at an event in October. The Australian Financial Review covered the event with a story focusing on why the Government must move faster to relax regulatory and tax settings to attract more capital from overseas investors under the new Corporate Collective Investment Vehicle regime.
Commentary surrounding the Government’s $3 million income cap balance were published in The Australian and the story was syndicated in the Daily Telegraph and the Herald Sun.
The Government introduced its Bill on the objective of superannuation – one the FSC has largely been supportive.
Advice took ample space in the news pages these past few months. The Government responded to Michelle Levy’s Quality of Advice Review which was followed by the FSC’s response included in a media release. The release was picked up in various media outlets including in trade press.
CEO of the FSC Blake Briggs also participated in an interview on channel 9 highlighting the importance of legislative change that would make financial advice more accessible to everyday Australians. This interview appeared on the nightly news and in regional areas such as Wollongong, Bendigo and Orange.