FSC repeats policy implementation push
The Financial Services Council (FSC) has reiterated its push to implement a backlog of reforms that were stalled by the Federal Government, ahead of its conference this week.
Chief executive, Sally Loane, said the 2016 FSC Leaders Summit would be an opportunity to discuss how to hasten reforms, particularly life insurance and superannuation.
"The transactional costs of too-frequent political change and constant industry reviews in a sector that offers so much potential for further growth has been huge," Loane said.
"The parliament must implement the backlog of reforms in life insurance, financial advice and superannuation that have emerged from the plethora of reviews and inquiries into the financial services industry over the past five years."
The conference agenda includes policy points such as:
- Reintroduction of the Life Insurance Reform Bill to tackle misaligned incentives;
- Reintroduction of legislation to allow every Australian to choose their own super fund;
- Introduction of legislation to increase financial adviser standards;
- Establishment of new investment channels to drive exports from the $2.6 trillion investment management industry;
- Tweak tax settings to boost retirement savings for women; and
- Raise compulsory super guarantee to 12 per cent by 2022 to ensure more people could fund their own retirement.
Assistant Treasurer, Kelly O'Dwyer, and Opposition Treasury spokesman, Chris Bowen, would attend the conference to present their policy platforms for the financial services industry.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC's enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
