Cormann a loss to financial services
The announcement that the Minister for Finance, Senator Mathias Cormann will be exiting politics before the end of the year means the Government will be losing the services of a minister with a deep knowledge of the financial services industry.
Cormann covered the financial services portfolio in opposition and again in Government during the Prime Ministership of Tony Abbott when he carried the job alongside his finance portfolio responsibilities during the illness of Senator Arthur Sinodinos.
What is more Cormann was one of leading voices in seeking key amendments to the Labor Government’s Future of Financial Advice (FoFA) changes during the Abbott Government albeit that, ultimately, the Government could not muster the numbers to sustain regulatory and other changes in the Senate.
Cormann is scheduled to exit the Senate in around October.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.