Govt accused of lagging on Investment Manager Regime
The Federal Opposition has claimed answers provided by Treasury officials have confirmed government inaction is denying Australian fund managers the opportunity to access new investment funds from overseas.
The Opposition spokesman on financial services, Senator Mathias Cormann, said a recent Treasury response to a question on notice confirmed the funds management industry was being hampered by delays to the implementation of the Investment Manager Regime recommended in the Johnson Report.
Cormann said development of the legislation necessary to give effect to the regime had been flagged as far back as December, 2010, but was now being treated as a low priority by the Government.
He said this brought into question the Labor Government's commitment towards making Australia a regional financial services centre.
"A robust and internationally competitive Investment Management Regime would allow Australia's world class financial services industry to compete for investment from overseas investors, especially from the emerging economies in Asia," Cormann said.
However he claimed this was being denied to the local industry by delays and the low priority the Minister for Financial Services, Bill Shorten, was directing to the issue.
Recommended for you
High-net-worth clients with between $5-10 million are found to have the greatest unmet advice needs, according to LGT Crestone, with inheritance planning viewed as the most-sought after help.
The advice industry is in an “arms race” according to minister for financial services, Daniel Mulino, around the use of technology in superannuation switching scams such as Shield Master Fund.
Advisers are now serving more ongoing clients, according to a CFS report, but efficiency limitations continue to hinder the 82 per cent looking to serve more.
The FAAA is hopeful the education and experience pathway deadline will be the “last big thing” that could cause an adviser exodus but concern now turns to advisers moving to the wholesale space.
