The financial services industry is this week implementing one of the most significant and wide-ranging set of reforms ever for the sector.

The recently released Intergenerational Report shows the implications of an ageing population with rising health costs and fewer taxpayers by 2060.

The Financial Services Council (FSC) has urged the Government to amend the proposed Compensation Scheme of Last Resort (CSLR) to prevent the “moral hazard” of shifting costs onto companies and consumers who have done nothing wrong. 

The start date of the Design and Distribution Obligations, or DDO, is rapidly approaching. 

The FSC made a submission on 13 August to Treasury in respect of the Financial Accountability Regime (FAR) draft Bill, a recommendation of the Hayne Royal Commission due to start from 1 July, 2023.

It seems almost every day that a new regulation prescribing another form of disclosure is being piled onto the advice sector.

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