FPA welcomes cap on ASIC spending

12 May 2021
| By Mike |
image
image
expand image

In a Budget almost bereft of significant announcements around the provision of financial advice, the Financial Planning Association (FPA) pointed to caps on Australian Securities and Investments Commission (ASIC) spending and confirmation that the Financial Adviser Standards and Ethics Authority (FASEA) would be wound-down by 31 December this year.

FPA chief executive, Dante De Gori said the organisation generally welcomed the Budget, particular the changes to superannuation and aged care.

“The practical changes announced to superannuation will provide all Australians with greater flexibility to maximise their retirement. The FPA welcomes the Government’s decision to introduce flexibility but not substantial changes to superannuation. Superannuation should not be constantly tinkered with, a position the FPA has consistently held,” he said.

“There is still significant regulatory change this year with the finalisation of FASEA deadlines, implementation of Royal Commission recommendations, changes to the super system, as well as dealing with the current pandemic and outcomes of the economic environment caused by it. 

“This is a positive budget for the economy, with a focus on jobs, growth and supporting the disadvantaged. We will be working closely with members to ensure they understand the finer details of the Budget and the opportunities it presents to engage with their clients.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 4 days ago