News Article

Australians deserve a superannuation system that is fair, efficient and competitive. When it comes to the regulatory environment, Australian superannuation funds have been navigating the biggest reform agenda since the system’s inception.

With the 2022 election having been called on the weekend, the campaign period will see the FSC take stock in preparation for the outcome.

Major digital platforms such as Google and Facebook have been under greater scrutiny over the way their services, particularly through targeted advertisements and taking advantage of algorithms, can be used to spread misinformation.  

The FSC has had success in advocating for changes to the unfair contract terms regime so that it appropriately caters for life insurance.

By the end of this year all of us will have a picture of what the advice sector could look like when Michelle Levy’s Review makes its recommendations to government. 

Treasury’s Quality of Advice review will determine the policy settings of life insurance for years to come and show that the Life Insurance Framework has been an effective reform that has protected consumer outcomes.

The FSC has released guidance to assist superannuation trustees and fund managers with divestment of Russian assets, consistent with the strong expectations outlined by the Government. 

The FSC supports simplifying ETF naming conventions to enhance consumer understanding.

In 2019 Australian life insurers introduced a Moratorium on using genetic test results to assess life insurance applications.

The FSC was very pleased that the CCIV passed Parliament in February and is now law. The FSC welcomed the implementation of this historic reform for financial services.

Over-regulation has caused the unprecedented attrition of advisers from the industry. The advice sector begins the year with an estimated 18,500 advisers, having experienced a 25% decline from over 25,000 advisers three years ago, in a market of 2.6 million consumers of financial services.   

The Australian Cyber Security Centre (ACSC) recently issued an alert supporting Australian organisations adopting an enhanced cyber security position to improve their cyber security resilience in the current “heightened threat environment”.