Policy Update
FSC Policy Update - Issue 42. September 21 2020
Welcome to Issue 42 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. With three weeks until the Federal Budget is handed down on 6 October, the Government has flagged accelerated personal income tax cuts, tax incentives for businesses to support economic growth and further support for pensioners.
FSC Policy Update - Issue 41. September 7
Welcome to Issue 41 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. The FSC was pleased to host an event with the Shadow Minister for Financial Services, Stephen Jones MP, last Friday to discuss a range of issues with FSC members that are impacting the financial services industry.
FSC Policy Update - Issue 40. August 24
Welcome to Issue 40 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. In this issue, the FSC team analyses the pilot initiative to allow life insurers to provide earlier intervention to support customers, revised APRA guidance for insurers and banks capital management and ASIC consultation on Reference Checking protocol.
FSC Policy Update - Issue 39. August 10
Welcome to Issue 39 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. COVID-19 has again dominated the political landscape, with the most recent sitting of Parliament cancelled. It appears likely the next sitting period, scheduled to commence 24 August, will proceed, with Victorian-based MPs and Senators asked to quarantine for 14 days beforehand if they wish to attend.
FSC Policy Update - Issue 38. July 27
Welcome to Issue 38 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. In the issue, the FSC team analyses the Government’s Economic Update, the Parliamentary Inquiry into Diversifying Australia's Trade and Investment Profile, the 2021 Exam timetable for financial advisers and the FSC's new Fund Management Board Committee.
FSC Policy Update - Issue 37. July 13
Welcome to Issue 37 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. Parliament has entered the long winter recess and will not sit again until the first week of August. In the meantime, the Government is preparing its ‘Economic Update’ that will be handed down on 23 July. The update will focus on how the Government proposes to transition away from the high level of economic stimulus required by the COVID-19 pandemic.
FSC Policy Update - Issue 36. June 29
Welcome to Issue 36 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. In this issue, the team analyses the ASIC Competition in Funds Management Review, the APRA Pandemic Data Collection project and the LCCC’s 2018-19 report on the life insurance industry’s compliance with the Life Insurance Code of Practice (the Code).
FSC Policy Update - Issue 35. June 15
Welcome to Issue 35 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. This past week the FSC contributed to the national policy debate by releasing our Accelerating Australia’s Economic Recovery report. This has been the focal point for our discussions with the Government and the public service over the past week. Parliament resumed on 10 June for a two-week sitting period. In addition to a measure to amend the timeline for complying with FASEA requirements, the Government also listed the ‘Your Super, Your Choice’ Bill for debate in the Senate and the ‘More Flexible Super’ Bill for debate in the House of Representatives. These bills are progressing but have not yet passed Parliament.
FSC Policy Update - Issue 34. June 1
Welcome to Issue 34 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. The past fortnight has been busy, with Parliament resuming amidst tentative signs of activity returning across the Australian economy. Whilst Parliament recently failed to pass much-needed changes to the transition schedule for FASEA’s education requirements we are optimistic the major parties have reached an agreement to ensure they become law in June.
FSC Policy Update - Issue 33. May 18
Welcome to Issue 33 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. The Government’s announcements of six-month deferrals to the incoming Royal Commission measures and the Design and Distribution Obligation (DDO) regime due to the COVID-19 disruption, were both welcome. Also welcome was the passing of the Government’s new law enabling permanent Capital Gains Tax (CGT) rollover relief for superannuation fund mergers.
FSC Policy Update - Issue 32. May 4. 2020
Welcome to Issue 32 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. Today is the start of the massive $130 billion JobKeeper wage subsidy scheme, with more than 500,000 businesses signed up. Week three of early access to superannuation begins today, with more than one million Australians in financial distress having already applied for their money. On the other side of the coin in the COVID-19 crisis, more than four million Australians have downloaded the COVIDSafe app to help stop the spread of the virus. Last Friday night in NSW people were able to see two more friends outside their families. Last Friday a Newgate survey found we’re getting fed up with lockdowns, and PM Morrison declared Australia was “not too far away” from easing restrictions.
FSC Policy Update - Issue 31. April 20
Welcome to Issue 31 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry. Today marks the official start date of the Government's temporary early access to superannuation initiative, which the FSC supports. Across financial services, it is all hands on deck to ensure Australians are as well-supported as possible during this economic crisis. To that end, your FSC team has been working closely with regulators, Treasury and agencies to secure relief and waiver from non-critical legislation and regulation so that our members can place as many resources as needed into front-line operations to help their customers.