Too much at stake, too little time
Within hours of the introduction of the Financial Services Reform Bill into the House of Representatives at the start of this month, almost all financial services associations shot out press releases expressing their “delight” that the Bill had finally seen light of day.
The delight expressed in the press releases quickly turned to frustration when the associations realised they had merely six working days to digest the Bill's contents and prepare submissions seeking amendments to the Bill. The deadline for the submissions was last Friday and the industry has one day to present its case for amendments in Melbourne tomorrow.
Six working days is a very short time to digest a 705 page document; consult with thousands of members; and prepare a detailed submission on any issues arising from the Bill. Even if association executives worked around the clock, it is nigh on impossible to receive feedback from members in such a short period of time.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
