Financial literacy push by military
The Australian Defence Force has launched a financial education initiative for all three services.
The Australian Defence Force Financial Services Consumer Council will be headed by consumer advocate Ken Kipping, who has experience in insurance, superannuation and financial services.
Also on the council is the current chair of the ICA financial panning committee, Robert MC Brown, who is also a wing commander in the RAAF Reserve, the Department of Defence director of personnel support, Glen Tye, and the three personnel directors of the various services.
Federal Defence Minister Brendan Nelson said the council would assist defence force members to make informed decisions about their financial future.
“The council is independent, consisting of a range of people within and outside defence, combining service experience with extensive knowledge of the financial services industry,” the minister said.
“It will develop educational resources, training and guidance with help from ASIC [Australian Securities and Investments Commission] and the ACCC [Australian Competition and Consumer Commission].”
Nelson said the move was part of the Government’s campaign to boost financial literacy and follows the establishment of the Financial Literacy Foundation last year.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
