FSC

Policy & Regulation

Emulate super on legacy products says FSC

The Financial Services Council has urged the Federal Government to use the Budget to emulate the superannuation industry on the rationalisation of legacy products....

Policy & Regulation

FSC told to make insurance code enforceable

The Financial Services Council has received a clear message from the Government that it needs to make its Life Insurance Code of Conduct enforceable....

Superannuation

APRA warns on group margin compression

The Australian Prudential Regulation Authority has warned of margin compression resulting from insurance in superannuation changes....

Policy & Regulation

FSC calls for Budget relief on legacy product rollovers

The Financial Services Council has called on the Government to finally act on tax relief allowing consumers to be rolled out of legacy financial products....

Superannuation

FSC welcomes passage of superannuation bill

The Financial Services Council has welcomed the Senate’s passage of superannuation bills which will reduce fees charged on low balance MySuper accounts....

Financial planning

Financial system reform needs rigor: FSC

Legislation to implement the recommendations of the Banking Royal Commission should be treated with diligence and rigor, according to Financial Services Council chief exe...

Financial planning

FSC backs RC final report, gets on with task ahead

The Financial Services Council has welcomed the release of the Royal Commission’s final report and acknowledges it’s time to get on with the task of strengthening Austral...

Life/Risk

FSC code doesn’t address ‘junk’ insurance

The Australian Lawyers Alliance has taken issue with the Financial Services Council’s new life insurance code of conduct arguing that is neither fully enforceable nor tak...

Life/Risk

Most Aussies against subsidising genetically at-risk insureds

Just over 60 per cent of Australians are against subsidising life insurance premiums for people who are at higher risk of future illness based on adverse genetic test res...

Policy & Regulation

Substantial impact on managed funds predicted from Labor policy

The Australian Labor Party’s policy to remove refundable franking credits would not just hit superannuation funds but also many managed funds with high Australian equitie...

Life/Risk

Call for more mandatory training in life/risk

Life risk industry veteran, Michael Molesworth, has warned that underwriters and claims assessors need to be subject to more stringent education requirements or risk comm...

Financial planning

FSC begins consultation on FASEA standards blueprint

The FSC said it has begun consulting with its members on the FASEA Standards Blueprint and the two draft legislative instruments....

Superannuation

Ordinary Aussies biggest beneficiaries of dividend refunds: FSC

The Financial Services Council has found that ordinary Australians who are members of large super funds are the biggest group benefiting from franking credit refunds, adv...

Superannuation

FSC targets scale of under-performing industry fund defaults

The Financial Services Council has used Productivity Commission analysis and data to suggest that there is a very significant underperformance problem for not-for-profit ...

Financial planning

Planners should be answerable on products, says ISA

Industry Super Australia has objected to exempting personal financial advice from product design and distribution obligations, arguing planners need to be held responsibl...