Coalition claims political expediency
The Federal Opposition has sought to point to Financial Services Minister, Bill Shorten, dealing with both the so-called accountants' exemption and the Investment Manager Regime as signs the minister is clearing his desk in preparedness for further change within the Government.
The opposition spokesman on Financial Services, Senator Mathias Cormann, pointed to the length of time the minister had taken to deal with the two policy issues and claimed it was only strong criticism from the Coalition and industry bodies that had prompted the minister to act.
However, the opposition spokesman claimed the minister had released the details of the policy moves on a Saturday to avoid scrutiny.
"As always with announcements from this Government the devil will be in the detail, and the Coalition will consult widely with all stakeholders when Labor eventually releases the regulations giving effect to the changes," Cormann said.
He said that, in particular, the Coalition would carefully examine the regulations to ensure the new licensing requirements would not impose unnecessary additional red tape and costs for small business professional accountants and their clients.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
