Treasury summons financial services organisations

federal-budget/financial-planning/financial-services-industry/financial-services-council/association-of-financial-advisers/financial-planning-association/treasury/financial-advisers/money-management/government/

1 May 2013
| By Staff |
image
image
expand image

The financial services industry is bracing itself for a number of key Budget changes, with Treasury officials having summoned representatives of the major industry organisations for talks this Friday.

Money Management understands that each of the major financial services organisations, including the Financial Services Council, the Financial Planning Association and the Association of Financial Advisers, has been separately invited to the Treasury talks in the wake of the Prime Minister, Julia Gillard, saying everything is back on the table in terms of framing the Budget.

However, there is particular concern that the Government, despite having claimed further superannuation changes were off the agenda, will look to extract further revenue by removing a number of concessions, particularly with respect to upper income earners.

There is particular concern that the Government will look to not only implement the changes outlined in the 2012 Budget but lower the income threshold at which tax concessions are removed.

"They were signaling that the changes around super were encapsulated in the announcement made by the Treasurer, Wayne Swan, and the Minister for Financial Services, Bill Shorten, last month — but there has clearly been a change in political mood since then," one industry spokesman said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS