Why taking a genetic test won’t stop you getting life insurance
In 2019 Australian life insurers introduced a Moratorium on using genetic test results to assess life insurance applications.
Corporate Collective Investment Vehicle (CCIV) now law
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.
The redesign of financial advice is underway
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.
ASIC regulated entities encouraged to adopt enhanced cyber security position
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”.
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.