FSC urges single adviser regulatory regime

21 May 2019
| By Mike |
image
image
expand image

The Financial Services Council (FSC) has called on the freshly re-elected Morrison Government to move to a single regulatory regime for financial advisers, streamlining the Tax (Financial) Adviser requirements into the Financial Adviser Standards and Ethics Authority framework.

In a statement congratulating the Government on its re-election, the FSC also restated what it saw as its policy priorities including a compensation scheme of last resort and changes to the default superannuation fund regime.

FSC chief executive, Sally Loane said that now that the election was over, the financial services sector was looking to the Morrison Government for strong leadership and a transparent policy agenda underpinned by effective consultation with stakeholders.

“Some of the biggest decisions Australians make in life such as buying a house, starting a family, choosing a superannuation fund are all supported by the financial services sector, which is the largest sector of our economy, contributing almost 10 per cent to GDP,” Loane said.

“The Government has been given a mandate to work with the sector to restore consumer and business confidence following a challenging and difficult period.”

She said the FSC believed the matters of policy priority included:

- A commitment to work carefully and closely with the industry to develop all relevant policy changes, particularly the responses to the Hayne Royal Commission into financial services.

- Introducing a comprehensive product rationalisation strategy to reduce inefficiency and costs from legacy financial products;

- Appropriate and sustainable design of a Compensation Scheme of Last Resort along with a commitment to strengthen the licensing regime;

- Abolish non-resident withholding tax for investments in the Asia Region Funds Passport;

- One regulatory regime for Financial Advisers, streamlining the Tax (Financial) Adviser requirements into the FASEA framework; and

- A fair and competitive default superannuation framework where individuals only default once.

“The FSC urges the Liberal-National Government and the Parliament to prioritise and consult with the sector on these matters,” Loane said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago