Next month, the new Government will have just ticked over their first 100 days. Early signs, including regular engagement in Canberra by the FSC, indicate the new Government is focused on implementing election commitments.
This will minimise the opportunity for new measures being added to the Government’s immediate agenda.
Legislation finalising the compensation scheme of last resort, financial accountability regime and foreign financial service providers will shortly be progressed before the parliament, as will legislation to enable a 2030 emission reduction target. Importantly, the FSC will continue to advocate that the CSLR should me appropriately designed to minimise moral hazard, including by maintain the existing design before the last parliament.
Before the first 100 days are over, we also expect to see further progress via the release of consultation papers on the Your Future, Your Super Review and the Government’s pre-election commitment to legislate mandatory climate disclosure.
The quality of advice review will continue in earnest over this period, and a further proposals paper is expected (but not yet confirmed) by the end of August.
Over the coming weeks the FSC will look to provide members with more information on the future direction of important industry initiatives such as product modernisation, modernising business communications, improving breach reporting arrangements and the design and distribution obligations, and the retirement income covenant.
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