Legacy products are financial products that are well past their “use by” date, as they are no longer issued to new retail customers and over time the number of remaining few customers gradually decreases.  Read more

The FSC wants comprehensive debate about the affordability and accessibility of financial advice in Australia, and the best solutions to secure that. Read more

The funds management sector represents $2.3 trillion in consolidated assets and is a key part of the Australian financial services sector, thus prompting ASIC to undertake a competition review of funds management. Read more

Welcome to Issue 49 of the FSC Policy Update. In 2021, this member briefing on the main legislative and regulatory changes across the financial services industry will be issued monthly.  Parliament resumed for the last two weeks of February and there was progress on a range of outstanding policy issues. The Parliament passed the Royal Commission bill implementing the annual renewal recommendations, the Government introduced its ‘Your Future, Your Super’ reforms to the House of Representatives, but had not yet released the crucial Regulations, and a review into AFCA was commenced. Read more

The FSC is doing extensive work to help members prepare for the start of the Design & Distribution Obligations (DDO) regime, which begins in October 2021.  Read more

We constantly talk about removing red tape, but it almost never gets done. Read more