Financial services policy and tax settings have been a focus for the Government in the first quarter of the year, and the FSC has been at the forefront of these debates on behalf of FSC members.
Issues covered off in this edition of FSC Engage include:
- The debate on the objective of superannuation and changes to superannuation taxes;
- The release of the Quality of Advice Review and Government consultation;
- The terms of reference issued for the Managed Investment Scheme (MIS) review; and
- The Government moving to legislate the Compensation Scheme of Last Resort (CSLR) and the Financial Accountability Regime.
The FSC has been a strong advocate for the industry and its customers in each of these areas, and led a consumer-focused debate around superannuation taxes and the implementation of the Quality of Advice Review.
The shift in recent weeks by consumer advocates to support reforms to financial advice laws, which align with the detailed policies put forward by the FSC in our Advice White Paper, is particularly pleasing. Maintaining the consumer focus of this debate is critical, as outlined in my opinion piece in the AFR.
Another important achievement for the FSC is the exclusion of MISs from the CSLR, and this issue being explicitly excised from the MIS review terms of reference. Including MISs posed the risk of significant cost for consumers of investment products and the FSC maintains the MIS review is an opportunity to protect consumers from unscrupulous operators, with the aim of making future compensation unnecessary.
I encourage members to take advantage of the free, upcoming events we are hosting, including:
- The Future Fund's Deputy Chief Investment Officer, Wendy Norris, discussing their position paper ‘The Death of Traditional Portfolio Construction’ with FSC Director Alison Telfer. Tuesday 28 March, 1:00pm - 2:00pm. Register here.
- An examination of the new National Anti-Corruption Commission with Herbert Smith Freehills. Tuesday 4 April, 9.00am - 10.00am. Register here.
- The FSC Post-Budget Briefing with the Hon Stephen Jones MP, Assistant Treasurer. Thursday 11 May, 8.00am - 9.00am. Register here.
I would also like to thank Hall & Wilcox for hosting the FSC and members for an overview of policy issues that lay ahead in 2023 and providing the opportunity for members to network at the start of the year.
Look out for more opportunities to network with your peers at FSC events over the coming months!
Blake Briggs, CEO, Financial Services Council