The FSC has strongly supported the Government’s policy to remove tax, social security and regulatory barriers to open the market for new retirement income stream products. These reforms have moved at glacial pace, however there have been major advances in the last twelve months that show that there is broad commitment to ensuring the reforms are a success.
An interview with Ka Sen Wong, Allen & Overy by Carla Hoorweg, Senior Policy Manager, Investment, Technology & Innovation, FSCThe new tax regime for managed funds, known as the “attribution managed investment trust” or “AMIT” regime, is now up and running and many businesses are considering whether to enter the regime from 1 July 2017. We speak to Ka Sen Wong, Australian head of tax at global law firm, Allen & Overy, about the business opportunities coming out of the reforms.
As Australia’s $2.7 trillion pool of managed fund capital grows, it is becoming increasingly more important to consider ESG factors. This is for several reasons; on the one hand there is increased scrutiny from consumers but it is also important in exercising fiduciary duty through improved risk management and a longer term focus to the benefit of super beneficiaries.
We are grateful to Jim Boynton & Rohan Cush of leading law firm King & Wood Mallesons for their permission to use this article.The passing of the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2017 (Bill) marks another milestone for one aspect of a wide range of ongoing reforms in the Australian life insurance sector.
What are consumers worried about? What are they thinking about? What do they want?As the CEO of the Financial Services Council, obviously I have to understand what my members want and need across our portfolios of wealth, funds and asset management, life insurance, superannuation, financial advice networks and trustee companies, but it's also very important to me to understand what consumers are thinking about.