New research released today by the Financial Services Council (FSC) shows 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, lifting their collective retirement income by $22 billion during their retirement.
The Financial Services Council (FSC) is today pleased to launch the State of the Funds Management Industry Report prepared by KPMG, which lifts the lid on the regulatory and tax policy settings that are limiting Australia’s funds management industry becoming a major global financial services centre.
The Financial Services Council (FSC) today cautioned consumers to seek financial advice before acting on performance test notifications for superannuation products, as defective Government regulations risk failing to address methodological issues built into the test for the new class of trustee-directed products. [1]