policy

Superannuation

Regulation stymieing retirement income product market

A regulatory framework created over 20 ago poses barriers to companies launching new retirement income products, despite Australians fearing running out of money in retir...

Superannuation

Don’t incentivise planners via commission rebates says ISA

Industry Super Australia has strongly rejected Government proposals to rebate grandfathered commissions to clients arguing that it will incentivise advisers to recommend ...

Policy & Regulation

ANZ battles past divestments with solid half

ANZ has battled its way to a $3.17 billion first half profit faced by home loan market headwinds and the continuing impact of customer remediation....

Financial planning

Are financial planners facing double jeopardy?

The Financial Planning Association has warned the Australian Financial Complaints Authority of the risk of planners facing double jeopardy if it reopens matters already d...

Superannuation

ASIC striking “significant blow” to Choice members

ASIC is putting the public’s retirement savings at risk and “kicking the can down the road” in deferring disclosure requirements on Choice products, a major industry body...

Policy & Regulation

Senate Committee recommends increasing consumers’ rights

Consumers can expect improved justice and recourse should they be victims of wrongdoing by the financial services industry as the result of a Senate Committee report hand...

Policy & Regulation

ASIC gets product intervention power

In a last legislative act by the current Parliament, the Australian Securities and Investments Commission has been handed its product intervention powers....

Policy & Regulation

Franking credits inquiry ends as it began – in disagreement

The Parliamentary Committee inquiry into the removal of franking credits has ended as it began – in disagreement between the major parties....

Policy & Regulation

FPA urges ASIC to act on fee comparability

The Financial Planning Association has urged the Australian Securities and Investments Commission to act to ensure financial product manufacturers more consistently revea...

Superannuation

ASIC proposals could worsen transparency problem

Changes to superannuation fee disclosure proposed by ASIC to improve transparency won’t solve the problem and could just increase confusion for consumers....

Financial planning

FPA links commissions to fee for no service

The Financial Planning Association has restated its position on a three-year phase-out of grandfathering, claiming that commissions have led to some consumers paying impl...

Policy & Regulation

Frydenberg takes financial services prosecutions federal

The Federal Government has budgeted to break new ground by shifting financial services criminal prosecutions away from the states and into the jurisdiction of the Federal...

Policy & Regulation

ASIC and APRA already Budget winners

The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority have already been identified as major funding winners from next mo...

Policy & Regulation

SMSFs win on LRBAs

The Government has accepted a report from the Council of Financial Regulators and the Australian Taxation Office declaring that limited recourse borrowing arrangements ar...

Policy & Regulation

Interim injunction against Forex Capital Trading extended

The Australian Securities and Investments Commission has been granted an extension of its interim orders to restrain the company from removing their assets from Australia...