FSC Policy Update - Issue 35. June 15
Welcome to Issue 35 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. This past week the FSC contributed to the national policy debate by releasing our Accelerating Australia’s Economic Recovery report. This has been the focal point for our discussions with the Government and the public service over the past week. Parliament resumed on 10 June for a two-week sitting period. In addition to a measure to amend the timeline for complying with FASEA requirements, the Government also listed the ‘Your Super, Your Choice’ Bill for debate in the Senate and the ‘More Flexible Super’ Bill for debate in the House of Representatives. These bills are progressing but have not yet passed Parliament.
FSC Policy Update - Issue 34. June 1
Welcome to Issue 34 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. The past fortnight has been busy, with Parliament resuming amidst tentative signs of activity returning across the Australian economy. Whilst Parliament recently failed to pass much-needed changes to the transition schedule for FASEA’s education requirements we are optimistic the major parties have reached an agreement to ensure they become law in June.
FSC Policy Update - Issue 33. May 18
Welcome to Issue 33 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. The Government’s announcements of six-month deferrals to the incoming Royal Commission measures and the Design and Distribution Obligation (DDO) regime due to the COVID-19 disruption, were both welcome. Also welcome was the passing of the Government’s new law enabling permanent Capital Gains Tax (CGT) rollover relief for superannuation fund mergers.
FSC Policy Update - Issue 32. May 4. 2020
Welcome to Issue 32 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. Today is the start of the massive $130 billion JobKeeper wage subsidy scheme, with more than 500,000 businesses signed up. Week three of early access to superannuation begins today, with more than one million Australians in financial distress having already applied for their money. On the other side of the coin in the COVID-19 crisis, more than four million Australians have downloaded the COVIDSafe app to help stop the spread of the virus. Last Friday night in NSW people were able to see two more friends outside their families. Last Friday a Newgate survey found we’re getting fed up with lockdowns, and PM Morrison declared Australia was “not too far away” from easing restrictions.
FSC Policy Update - Issue 31. April 20
Welcome to Issue 31 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. Today marks the official start date of the Government's temporary early access to superannuation initiative, which the FSC supports. Across financial services, it is all hands on deck to ensure Australians are as well-supported as possible during this economic crisis. To that end, your FSC team has been working closely with regulators, Treasury and agencies to secure relief and waiver from non-critical legislation and regulation so that our members can place as many resources as needed into front-line operations to help their customers.
FSC Policy Update - Issue 30. April 6
Welcome to Issue 30 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. In this issue, the FSC team analyses requests for regulatory relief and waiver relating to the impact of COVID-19, Your Super, Your Choice and Enhancements to Unfair Contract Term Protections. The FSC team is actively focused on triaging a number of issues across every portfolio in financial services, including but not limited to – writing to every state government and territory requesting that financial services be defined as an “essential service”; holding regular, often daily meetings with Government, regulators and agencies to (a) inform them of urgent and emerging market issues and (b) requesting relief and waiver from specific legislative and regulatory initiatives and sharing information with peer industry association colleagues in NZ and the UK, and here at home. Thanks again to those highly engaged members who understand the value of their industry association as a swift and well-connected conduit to decision-makers during this COVID-19 emergency. And while most of the BAU handbook has been shelved in the past fortnight, we have managed to deliver a comprehensive submission on Design and Distribution Obligations (DDO), among other things.