Financial Services

Policy & Regulation

No recourse to members’ money for super funds that err

Superannuation fund trustees will not be able to resort to members’ funds held in trust to pay civil penalties arising from the new Financial Accountability Regime....

Policy & Regulation

FSC warns of increased expense under Financial Accountability Regime

Experience in the United Kingdom suggests it may be a lot more expensive to recruit and retain senior executives under the Government’s proposed new Financial Accountabil...

Funds management

Markets are ‘waking up’ to reality of coronavirus

According to deVere Group, coronavirus, as well as other geopolitical and trade tensions, could push the world to the brink of a recession....

Financial planning

FSC canvasses capital requirements for advice licensees

The Financial Services Council has canvassed the imposition of capital requirements on advice licensees as part of any compensation scheme of last resort at the same time...

Financial planning

Deals across financial services industry total $32b

The global financial services industry has seen deals for December 2019 stand at $32 billion, according to GlobalData’s deals database....

Financial planning

ASIC permanently bans NSW adviser

The Australian Securities and Investments Commission has permanently banned Nicholas Ellis who was previously banned for six years for dishonest conduct....

Policy & Regulation

FSC argues for exclusion of ‘experts’ from new claims-handling rules

Accountants, doctors and other should be excluded from the coverage of claims handling as a financial service and insurers should be allowed to continue giving ‘factual s...

Life/Risk

Insurers and claim-related parties may look to merge under one AFSL

Legislation surrounding the regulation of claims handling may have insurers and related parties look to fall under a single Australian Financial Services License to ease ...

Financial planning

Australia’s financial services sector faces 6 risks

The Australian financial services sector must address six critical challenges in order to navigate risks and opportunities, according to the Australian Sustainable Financ...

Policy & Regulation

APRA, ASIC to share data

In a bid to lift regulatory burden on super funds the two regulators are looking to share data for areas of common interest....

Policy & Regulation

Banks and financial services firms face trust issue

Banks and financial services firms have been revealed as having major consumer trust issues with new Roy Morgan research revealing that only Bendigo and Adelaide Bank and...

Policy & Regulation

Industry funds urge publication of firm level complaints data

The number of complaints received about individual firms should be available to financial services customers, according to the Australian Institute of Superannuation Trus...

Financial planning

Financial services is Australia’s biggest economic growth contributor

The Financial Services Council has released its 2019 State of the Industry Report detailing the overall picture of the industry....

Policy & Regulation

ALP shares financial services love

The Australian Labor Party has spread the focus on financial services across three members of its Shadow Cabinet team....

Policy & Regulation

Industry praises Treasury appointments

Industry bodies have applauded the Government’s appointments to the Treasury, stating it is a ‘clear indication’ of the strategic focus being placed on financial services...