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

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.  Read more

Welcome to Issue 30 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 requests for regulatory relief and waiver relating to the impact of COVID-19, Your Super, Your Choice and Enhancements to Unfair Contract Term Protections.  The FSC team is actively focused on triaging a number of issues across every portfolio in financial services, including but not limited to – writing to every state government and territory requesting that financial services be defined as an “essential service”; holding regular, often daily meetings with Government, regulators and agencies to (a) inform them of urgent and emerging market issues and (b) requesting relief and waiver from specific legislative and regulatory initiatives and sharing information with peer industry association colleagues in NZ and the UK, and here at home. Thanks again to those highly engaged members who understand the value of their industry association as a swift and well-connected conduit to decision-makers during this COVID-19 emergency. And while most of the BAU handbook has been shelved in the past fortnight, we have managed to deliver a comprehensive submission on Design and Distribution Obligations (DDO), among other things. Read more

Welcome to Issue 29 of the FSC Policy Update – a fortnightly member briefing on the main legislative and regulatory changes across the financial services industry.  Firstly, the FSC has announced its support for the Government's temporary crisis measures regarding superannuation, announced by the Prime Minister and Treasurer yesterday (Sunday) here. Please see our media release here. Please see Treasury fact sheets of details on eligibility criteria for temporary early access to superannuation here, and temporary reduction of pension drawdown and reduction of social security deeming rates here. We have also written to the Treasurer, Josh Frydenberg and the Assistant Minister for Superannuation and Financial Services, Senator Jane Hume, seeking urgent relief and waiver for a number of regulatory and legislative initiatives as our members prioritise the operations of their businesses and focus on assisting their customers and clients during this time of national crisis. This request is in direct response to a note issued last week by the Council of Financial Regulators here where the Council stated that regulators were standing ready to deal with problems firms may encounter in complying with the law due to the impact of COVID-19. Read more

Welcome to Issue 28 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 Life Code 2.0, the ASIC investigation related to the end of grandfathered commissions and draft legislation on improving flexibility for older Australians. Read more