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.  Read more

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).  Read more

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.  Read more

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. Read more

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. Read more

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. Read more