First real estate agents, now a Liberal Senator
First real estate agents got into trouble with the Australian Securities and Investments Commission (ASIC) for writing to renters about early release superannuation and now NSW Liberal Senator and former Financial Services Council (FSC) policy executive, Andrew Bragg is being accused of the same behaviour.
An angry dispute has flared between Bragg and the Shadow Assistant Treasurer, Stephen Jones, over a letter which Senator Bragg wrote to constituents telling them about the availability of early access to their superannuation.
Jones has alleged that Bragg’s letter is tantamount to the provision of financial advice, while Bragg is arguing that it just an explanation of Government policy.
In his letter Bragg states: “Superannuation is a for a rainy day and today is the rainy day. The Government will continue to underwrite the age pension for most Australians so if you need your super now you should apply”.
Jones has said he be formally raising Bragg’s letter in terms of scheme promoters and providing false information.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
