The Financial Services Council (FSC) has called on the freshly re-elected Morrison Government to move to a single regulatory regime for financial advisers, streamlining the Tax (Financial) Adviser requirements into the Financial Adviser Standards and Ethics Authority framework.
In a statement congratulating the Government on its re-election, the FSC also restated what it saw as its policy priorities including a compensation scheme of last resort and changes to the default superannuation fund regime.
FSC chief executive, Sally Loane said that now that the election was over, the financial services sector was looking to the Morrison Government for strong leadership and a transparent policy agenda underpinned by effective consultation with stakeholders.
“Some of the biggest decisions Australians make in life such as buying a house, starting a family, choosing a superannuation fund are all supported by the financial services sector, which is the largest sector of our economy, contributing almost 10 per cent to GDP,” Loane said.
“The Government has been given a mandate to work with the sector to restore consumer and business confidence following a challenging and difficult period.”
She said the FSC believed the matters of policy priority included:
- A commitment to work carefully and closely with the industry to develop all relevant policy changes, particularly the responses to the Hayne Royal Commission into financial services.
- Introducing a comprehensive product rationalisation strategy to reduce inefficiency and costs from legacy financial products;
- Appropriate and sustainable design of a Compensation Scheme of Last Resort along with a commitment to strengthen the licensing regime;
- Abolish non-resident withholding tax for investments in the Asia Region Funds Passport;
- One regulatory regime for Financial Advisers, streamlining the Tax (Financial) Adviser requirements into the FASEA framework; and
- A fair and competitive default superannuation framework where individuals only default once.
“The FSC urges the Liberal-National Government and the Parliament to prioritise and consult with the sector on these matters,” Loane said.