FSC repeats policy implementation push
The Financial Services Council (FSC) has reiterated its push to implement a backlog of reforms that were stalled by the Federal Government, ahead of its conference this week.
Chief executive, Sally Loane, said the 2016 FSC Leaders Summit would be an opportunity to discuss how to hasten reforms, particularly life insurance and superannuation.
"The transactional costs of too-frequent political change and constant industry reviews in a sector that offers so much potential for further growth has been huge," Loane said.
"The parliament must implement the backlog of reforms in life insurance, financial advice and superannuation that have emerged from the plethora of reviews and inquiries into the financial services industry over the past five years."
The conference agenda includes policy points such as:
- Reintroduction of the Life Insurance Reform Bill to tackle misaligned incentives;
- Reintroduction of legislation to allow every Australian to choose their own super fund;
- Introduction of legislation to increase financial adviser standards;
- Establishment of new investment channels to drive exports from the $2.6 trillion investment management industry;
- Tweak tax settings to boost retirement savings for women; and
- Raise compulsory super guarantee to 12 per cent by 2022 to ensure more people could fund their own retirement.
Assistant Treasurer, Kelly O'Dwyer, and Opposition Treasury spokesman, Chris Bowen, would attend the conference to present their policy platforms for the financial services industry.
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