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.

The FSC was proud to launch the FSC Women in Investment Management Charter (WIM Charter) at a recent joint event with Mercer, which delivered solutions to improve gender diversity in investment management. As part of the WIM Charter launch, we surveyed our domestic and global fund manager members on gender diversity in their investment teams, focusing on roles that are actively involved in an investment function or that have an investment execution role, such as portfolio managers, investment research roles or traders, for example. 

BREAKING DDO NEWS: Nil complaints reports will be dropped; DDO won’t apply to employers issuing staff with default super; the personal advice exemption is being fixed. We’ve advocated strongly for this red tape to be removed, and welcome these amendments which will assist the efficient start of the mandatory regime on 5 October.  ASIC insiders are calling October 5 “Black Tuesday.” For FSC members and other financial services firms working around the clock to meet the deadline for several major new legal regimes, the humour is very dark indeed. 

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