Shorten gets mega-portfolio


Bill Shorten has been delivered a mega-portfolio by being elevated to Cabinet as Minister for Workplace Relations while retaining responsibility for both financial services and superannuation.
The move sees Shorten as one of the most powerful members of the Cabinet, although his responsibilities as Assistant Treasurer have been assumed by Mark Arbib.
Shorten's responsibility for both workplace relations and superannuation will place added emphasis on next year's review of the Fair Work Australia Act and will see him follow through on the implementation of the Future of Financial Advice (FOFA) reforms.
The Opposition said Shorten had been rewarded despite a year of failure.
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.