Regulators stressed by changes too
Australia's two financial services regulators have acknowledged the level of stress and uncertainty being experienced by financial services companies as a result of the Government's Future of Financial Advice and Stronger Super changes.
Representatives of both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) told the Financial Services Council (FSC) conference they understood the stresses being experienced as a result of the changes.
APRA deputy chairman Ross Jones said that his organisation was being similarly stressed by the changes.
"The changes are causing stress and they are also causing stress within APRA," he said.
ASIC commissioner Peter Kell said his organisation was well aware of the concerns within the industry and was working in a consultative fashion to overcome those issues.
"We are aware of the issues and we are working very hard at getting the outcomes right," he said.
FSC chairman Peter Maher had earlier warned that timeframes being imposed on the industry were too tight.
He said that with some key elements of the regulations not due until December, that left companies less than six months to digest the changes and ensure their systems were ready.
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