News Article
Compensation Scheme of Last Resort (CSLR) update
On 25 November 2021, the Senate referred the Financial Accountability Regime and CSLR legislation to the Economics Legislation Committee (Committee) for inquiry and report by 15 February 2022.
Superannuation fund holdings for Russian assets
On the 3rd of March 2022, the Federal Government confirmed its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets.
Foreign Financial Services Provider regime update
The revised Foreign Financial Services Provider Bill was introduced on 17 February 2022 in the House of Representatives.
Compensation Scheme of Last Resort
The Financial Accountability Regime Bill 2021 and Financial Services Compensation Scheme of Last Resort (“CSLR”) Levy Bill 2021 and related bills were referred to the Senate Economics Legislation Committee (“Committee”) for inquiry and report by 15 February 2022.
FSC welcomes new Executive Director for Advocacy
Spiro Premetis has started at the FSC as our Executive Director for Advocacy, bringing with him extensive experience in financial services policy and politics.
The value of life insurance
As we draw stumps for 2021, it’s natural that we may feel in some way compelled to look back and reflect on the year we’ve, at times, had to struggle to get through.
A stronger and more resilient industry
The financial services industry is closing out a challenging 2021, not only as a result of the continuing reverberations from COVID-19, but due to the significant waves of regulation that were implemented or commenced operation.
Modern Slavery Amendment Bill 2021 (NSW)
The Modern Slavery Amendment Bill 2021 has been passed by New South Wales Parliament on 14 October 2021. This Bill amends the Modern Slavery Act 2018 (NSW), with the amended Bill will now commencing on 1 January 2022.
Competition in Funds Management
ASIC asked Deloitte Access Economics to undertake independent research examining competition in the funds management sector with a focus on the outcomes that the industry is delivering for investors in retail managed investment schemes.
The Financial Accountability Regime (FAR) progresses
The Financial Accountability Regime draft bill (FAR Bill) was introduced into the House of Representatives on Thursday 28 October.
Ensuring Australians have certainty over their insurance cover
When the Government’s ‘Your Future, Your Super’ reforms were passed this year they introduced an important consumer protection to ‘staple’ superannuation members to their fund, so that they take their superannuation account with them from job to job. The stapling regime came into effect on 1 November.
Next steps on the White Paper on Financial Advice
The launch of the FSC’s White Paper on Financial Advice this month has been well received. While it will hard code the philosophy and direction of FSC advocacy for the sector going forward – reform cannot come soon enough.