The Financial Services Council (FSC) has placed reintroduction of the Life Insurance Reform Bill at the top of what it would like to see as the new Government’s financial services policy agenda.
Welcoming the election of the Turnbull Government, the FSC issued a statement outlining the policy priorities it believed should be dealt with by the 45th Parliament, and topped the list with the “reintroduction of the Life Insurance Reform Bill to address misaligned incentives and improve trust in life insurance”.
The FSC also emphasised the need for the Government to reintroduce legislation imposing choice in superannuation and called for the “introduction of legislation to increase standards required by financial advisers”.
Not surprisingly, the list of FSC policy priorities also called for development of new investment vehicles to drive exports from the investment management industry and a simplified, lower tax regime for Australian investment managers.
As well, FSC chief executive, Sally Loane, said the organisation was looking forward to consulting with the Government on the May Budget changes to superannuation.
“There is enormous potential for financial services to join other service sectors in providing the future economic growth the country needs after the slowdown in mining investment. As well, the reform we are seeking is imperative for delivering better consumer outcomes,” she said.
“We urge the government and the Parliament to get on with the job of delivering this agenda.”
