financial services council

Policy & Regulation

FSC warns of increased expense under Financial Accountability Regime

Experience in the United Kingdom suggests it may be a lot more expensive to recruit and retain senior executives under the Government’s proposed new Financial Accountabil...

Policy & Regulation

Is Frydenberg being equivocal on 12% SG?

The Federal Treasurer, Josh Frydenberg has stopped short of restating the Government’s promise to increase the superannuation guarantee, preferring to say that it has no ...

Financial planning

FSC canvasses capital requirements for advice licensees

The Financial Services Council has canvassed the imposition of capital requirements on advice licensees as part of any compensation scheme of last resort at the same time...

Policy & Regulation

APRA and ASIC need to collaborate on data

The Financial Services Council has recommended the two regulators must collaborate on information, documentation, and data requests and collection....

Policy & Regulation

FSC argues for exclusion of ‘experts’ from new claims-handling rules

Accountants, doctors and other should be excluded from the coverage of claims handling as a financial service and insurers should be allowed to continue giving ‘factual s...

Financial planning

FSC offers service to help insurance policy details lost in bushfires

Australians who have lost their life insurance policy details in the bushfires can contact the Financial Services Council for help....

Superannuation

FSC urges caution on APRA’s super heatmapping

The Financial Services Council has urged caution on the use of the Australian Prudential Regulation Authority’s proposed heatmapping exercises when making comparisons bet...

Superannuation

Loane calls for implementation of ‘default once’ system

Financial Services Council chief executive Sally Loane has called on policymakers to implement a ‘default once’ system to help superannuation members maintain a single ac...

Life/Risk

FSC reveals new mental health TPD claims data

The Financial Services Council has released ground-breaking new data revealing the impact of mental health on TPD claims....

Financial planning

Cut out cold calling warns FSC

Insurance firms should be prevented from pressuring people to buy products over the phone, according to the Financial Services Council. ...

Financial planning

FSC backs life insurance changes

The Financial Services Council has thrown its support behind extending Unfair Contract Terms regime to life insurance....

Financial planning

End TPB/FASEA duplication says FSC

There is an urgent need to end the regulatory overlap between the Tax Practitioners Board and the Financial Adviser Standards and Ethics Authority, according to the Finan...

Financial planning

Kiwis aware of life insurance but take up slow

Advisers have an opportunity to educate New Zealanders that life insurance is vital, according to the Financial Services Council of New Zealand....

Financial planning

Still no movement on FASEA timetable

The Assistant Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume has again stopped short of giving any undertaking on ex...

Financial planning

Face-to-face advice needed but costs rising

Supply, demand and costs of advice, as well as the disruption of digital advice technology were the key topics discussed for the future of advice at the Financial Service...