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The FSC Women in Investment Management Charter (WIM Charter) introduced in 2021 builds on the FSC Guidance Note 38 – Improving Gender Balance in Investment Management Teams (GN38) and the gender diversity resource library, which have been developed to provide members with practical tools and guidance to support greater gender balance within investment management teams. The 2023 FSC Diversity Survey found that women comprise 29 per cent of investment teams amongst respondent fund managers. This compares to investment team representation of 25 per cent in the first year the survey was conducted and 27 per cent in the 2022 survey. The survey of 16 global and domestic fund manager members found that all wanted to improve diversity in investment teams, with the majority (94 per cent) tracking gender diversity statistics within their organisation and 88 per cent tracking gender diversity within their investment teams. For more findings, pdf download the 2023 Gender Diversity Survey infographic. Women in Investment Management Charter To help support greater gender balance in these roles, the FSC WIM Charter introduces accountability and transparency mechanisms to enable organisations to achieve their desired, self-nominated gender diversity target within their investment management teams. Signatories adopt the following four principles: appoint a senior executive from the investment management team who is responsible and accountable for gender diversity within the investment management team; set internal targets for gender diversity in the investment management division; monitor and report annually on progress against targets and demonstrate an intention to link staff pay to delivery against the gender diversity target. The framework for the WIM Charter is based on the HM Treasury Women in Finance Charter (UK Charter), a pledge to improve the gender balance across financial services in the United Kingdom. While the focus of the UK Charter is broader and is aimed at increasing gender balance in senior management, the WIM Charter is focused specifically on gender balance in investment management teams. Eight WIM Charter Signatories We are pleased to have eight members collectively managing more than $600 billion in assets under management sign this voluntary initiative to date: AllianceBernstein Australia Limited; Australian Ethical Investment Ltd; Challenger Limited; First Sentier Investors; Mercer; QIC Limited; Russell Investment Group and State Street Global Advisors Australia Limited. Further details on the WIM Charter are included in FSC Guidance Note 38 – Improving Gender Balance in Investment Management Teams (GN38). FSC Women in Investment Management Charter Through the FSC Women in Investment Management Charter, we provide industry leadership to ensure more women can secure careers in investment management teams – because today, the numbers are still low. See more below. Accelerating the growth of women in investment management The FSC was pleased to host a policy briefing on accelerating the growth of women in investment management webinar on 22 November 2022. Moderated by Sam Hallinan, CEO Australia, Schroders and panellists, including: Camilla Love, F3 0 Future Females in Finance Yolanda Beattie, Founder, Future IM/Pact Jaya Ong, Investment Analyst, Cambooya All sharing great insights into the opportunities and challenges faced by the industry to help achieve greater gender balance in investment teams. The themes discussed included how the industry can better support and accelerate women's careers in investment management and what changes or areas of focus fund management businesses can implement to shift the dial and support greater gender balance. Please watch the video below to hear more insights into this important topic. Read more

. The Genetics Moratorium Review  In June 2019, the FSC introduced the Moratorium on Genetic Tests in Life Insurance. The Moratorium allows people to take out life insurance cover up to prescribed limits, without having to disclose an adverse result of a genetic test. The Moratorium is currently set to run until 30 June 2024, and the FSC is currently conducting a review with a view to extending it.  The FSC has called for submissions from key stakeholders with a deadline of 4pm Friday, 29 July 2022. A copy of the Review Paper can be downloaded here. Submissions once received will be published below.  . Read more

The Life Insurance Code of Practice is now the responsibility of the Council of Australian Life Insurers (CALI). More information can be found here. For insurance consumers, the independent Life Code Compliance Committee (LCCC), administered by the Australian Financial Complaints Authority, will continue to ensure that the Life Code’s principles are upheld and enforced. Consumers are encouraged to contact the LCCC at lifeccc.org.au in relation to any individual insurance matters. 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1.    Background and Context On the 3rd of March 2022, the Federal Government announced, that in light of the ongoing Russian invasion of Ukraine and the continuing escalation of sanctions imposed against Russia in response, that it has strong expectations that Australian superannuation funds will review their investment portfolios and take steps to divest holdings in Russian assets. The Financial Services Council (FSC) supports the Federal Government’s expectation that the superannuation industry divests Russian assets as part of broader global economic sanctions to address the humanitarian crisis in Ukraine. The FSC acknowledges the close integration of superannuation and non-superannuation investment assets, as such the FSC has developed this for both superannuation trustees and fund managers, that invest capital directly or indirectly on behalf of superannuation trustees, to meet the Government’s expectations. 2.   Date of Issue This Guidance was issued 5 April 2022. 3.   Commencement This Guidance commences on the date that it is issued and is intended to set out guiding principles for: superannuation trustees; asset managers directly investing superannuation capital; and asset managers operating managed investment schemes with superannuation funds as investors; to give effect to the divestment of Russian assets consistent with the Government’s expectations and respective legal obligations.  4.    Steps that Trustees will take Whilst ensuring that they comply with all legal obligations, Superannuation Trustees seeking to follow the Federal Government advice should consider how best to take the following steps (some of which may have already been implemented): implement all sanctions on Russia imposed by Australia; prohibit the purchase of new investments in Russian Assets; review their investment processes for making decisions on the divestment of Russian Assets; develop a plan to divest Russian Assets as market conditions permit that is consistent with their legal duties; divest direct portfolio holdings of Russian securities in accordance with their members’ best financial interests; divest from, and prohibit the use of, new derivatives or structured arrangements that undermine the expectation of divesting Russian Assets, as market conditions allow; derivatives and Russian exposures obtained through structured vehicles will also be unwound or closed out, as market conditions allow; have appropriate compliance resources to achieve these objectives; and review product disclosures to ensure they remain appropriate and consistent with legal obligations. 5.    What is a Russian Asset? Russian assets include: Public market assets including listed equities, hard currency and local currency Russian sovereign debt, and fixed income securities issued by Russian corporations. Superannuation Trustees may rely on the country classification by an independent market index or data provider such as MSCI, S&P, FTSE, Russell or Bloomberg for the purposes of identifying Russian public market assets; Private market assets domiciled in Russia such as private equity or unlisted assets domiciled in Russia; Co-mingled products where greater than 50% of the underlying assets by market value are Russian domiciled assets; and Russian currency balances. 6.    Issues in relation to ownership and control Superannuation assets are invested through different structures and with different investment strategies, including directly held assets, external mandates, actively or passively managed investments and co-mingled investment arrangements with Australian and international fund managers. Superannuation Trustees ability to divest Russian Assets will be influenced by the degree to which they own assets, whether outright or co-mingled, or have control over assets. Where a Superannuation Trustee has ownership and control they will divest Russian Assets in accordance with the policies and processes they will establish as per Section 7 of this Guidance. Where the Superannuation Trustee does not have the ownership or the control to divest, the Superannuation Trustee will consider the degree of ownership, control and influence they have in determining what actions are to be taken with respect to Russian Assets. This includes consideration of whether to exit investment in the fund as well as fiduciary and legal duties. Superannuation Trustees will also do this in an orderly fashion which continues to meet the best financial interests of members. For example: They will identify public market assets that they directly hold or have control over through the investment mandate and direct the asset manager to divest when market conditions allow, and in a manner consistent with their duties; and Where they do not have the ability to control the investment, for example the Superannuation Trustee is a minority unit holder in a fund, they will strongly request the asset manager to divest of Russian Assets, noting that in such circumstances the ultimate decision and process for divestment rests with the investment manager and who is also subject to their own legal, fiduciary and responsible entity duties. 7.    Trustees defining the divestment processes that they will undertake Superannuation Trustees will implement an approach to identify which Russian Assets will be wound down and divested as market conditions permit and in a manner consistent with their duties. Public market assets: For public market assets this will identify which securities will be divested. Private market assets: In relation to private market assets domiciled in Russia Superannuation Trustees will establish the level of revenue or assets that will identify which private market assets are to be divested as market conditions permit. Derivatives: Superannuation Trustees will not use derivatives or structured arrangements to undermine divestment of Russian Assets. Russian currency: For the avoidance of doubt the cash proceeds from divestment will be repatriated out of Russia in accordance with best financial interest obligations and as market conditions allow.    Read more

REDUCING THE COST OF PROVIDING FINANCIAL ADVICE BY ALMOST 40 PER CENT  Our White Paper on financial advice – available here – outlines the FSC’s platform to reduce the cost of advice and unnecessary regulation and duplication.TIMELINE FOR REFORM OF THE FINANCIAL ADVICE SECTORBY 2023BY 2026BY 2030> Safe harbour steps abolished > Code of Ethics amended > Letter of Advice with scalable advice obligations introduced > Statement of Advice and Record of Advice abolished > Wholesale client asset test threshold increased and indexed > Breach reporting framework revised > Consult and clarify framework for licensees and advisers to support individual registration Regulatory Guidance to become more exemplary than prescriptive > ASIC Advice Unit established > Legislate personal advice and general information – abolish redundant terms and separate product from advice > Update licensing and registration framework > Introduction of a ‘practising certificate’ > Prior learning and equivalent pathways recognised > Accreditation to be conducted by universities and Registered Training Organisations (RTOs) Commencement of principles-based regulatory framework > Tax deductibility or rebate for all financial advice > Self-regulation by the industry > Principles-based regulatory framework fully implemented > Increased role for professional bodies and industry standardsONGOING REFORMS> Data standardisation > Measures to enable financial advice providers to access consumer dataKPMG determined that the advice process costs $5334.64. Their analysis shows that should the FSC’s core recommendations (abolition of the safe harbour steps, introduction of a Letter of Advice, and relabeling of advice definitions) be fully implemented that: The cost of providing financial advice will be reduced by almost $2000 or by 35-37 per cent.Save financial advisers up to 32 per cent of their time when providing advice to clients.Allow advisers to provide advice to an additional 44 new clients each year.Time required to complete the advice process would reduce from 23.9 hours to under 16.8 hours per consumer, allowing advisers to focus on what they do best – support consumers.  DOWNLOAD THE WHITE PAPERREAD THE MEDIA RELEASEDownload the KPMG research papers here;The Cost Profile of Australia's Financial Advice Industry Final ResearchCost Profile of Australia's Financial Advice Industry Research Result Infographic Summary ._ERbj1g7D { position: relative; } ._nDEv0Ex7 { display: block; width: 100%; margin-bottom: 20px; line-height: 1.5em; 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FSC consultation process on Occupational Exclusions in Group Life Insurance Policies in Superannuation  On 12 August 2021 the FSC initiated a process to consult with the superannuation and life insurance sectors, consumer advocates and other stakeholders with the aim of removing exclusions based on occupational classification within default group life insurance policies in MySuper. A policy proposal was issued that the life insurance and superannuation industries could implement to address this issue. You can access this policy proposal here. The FSC would like to thank the organisations that made a submission in response to this consultation period.  . AIST Australian Lawyers Alliance AustralianSuper Cbus Super Consumers Australia and Financial Rights Legal Centre . FSC intiative on Occupational Exclusions in Group Life Insurance Policies in Superannuation  FSC Standard No. 27 - Removal of Occupational Exclusions and Occupation Based Restrictive Disability Definitions in Default Cover Following on from this public consultation the FSC announced on 11 October 2021 that it will be introducing an enforceable FSC Standard to prohibit the use of occupational exclusions and restrictive definitions within default group life insurance policies in superannuation amongst FSC members. The Standard will prohibit the use of occupational exclusions by the FSC’s superannuation members and prohibit the FSC’s life insurance members from offering occupational exclusions to their clients.. Read the FSC's media release here. Read more