The FSC has been caught up in the broad-based NSW lock down, which impacts our Sydney CBD office.
The FSC has shifted to a remote working arrangement as part of our business continuity plan and we do not expect interruptions to our working group or board committee processes, however please be patient with our hard working team!
Parliament does not sit for the month of July, but at this stage it appears possible normal sitting practice may be interrupted when it is scheduled to resume in the first week of August.
The activities of the Government have continued in the meantime, including recent House of Representatives Economics Committee hearings into the life insurance and superannuation sectors.
The Government is also continuing to work through remaining Royal Commission measures, such as its recent announcement of the outcome of consultation on deferred sales model for add on insurance, where group policies in superannuation were exempted from the new regime, and the release of the Compensation Scheme of Last Resort and Financial Executive Accountability Regime.
The Government is also considering the final design of the ‘Your Future, Your Super’ regulations, however given their complexity we do not expect a final announcement until August. In the meantime, however, some measures have commenced, including the Best Financial Interests Duty and ATO comparison tool, and regulators are preparing to conduct the first benchmarking assessments. The FSC is continuing to engage the Government on these important issues.
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