FSC

Financial planning

FSC raises moral risk of too many self-licensed advisers

A new Financial Services Council green paper has suggested that a moral risk will emerge if self-licensed advisers are allowed to proliferate in the absence of dealer gro...

Superannuation

Will Govt's YFYS legislation force a cull of superannuation associations?

Superannuation industry associations may be facing significant consolidation as the Government’s new legislation forces to superannuation funds to justify spending member...

Financial planning

SoAs are alienating clients

The industry needs to simplify the way it presents advice to clients as statements of advice can increase anxiety for consumers and does not build trust, according to a p...

Financial planning

FSC welcomes Govt decision to expand Fintech Select Committee

The Financial Services Council says the expansion of the scope and length of the committee will help Australia become a technology and finance centre....

Financial planning

Will reference-checking be the big cost in adviser recruitment?

As the major licensees compete to attract advice businesses and individual advisers, the Australian Securities and Investments Commission’s new approach to reference-chec...

Superannuation

The average super early access recipient has 30 years to make it up

As Government back-benchers canvass allowing people to opt out of a higher superannuation guarantee, data provided to a Parliamentary Committee suggests people have littl...

Policy & Regulation

FSC nominates last resort compensation as major challenge

The Financial Services Council has nominated initiating a compensation scheme of last resort as one of the major challenges facing the Government in 2021. ...

Superannuation

Govt’s RIR welcomed but opposing views on key issues

The Government’s Retirement Income Review has been welcomed but the industry has differing views on the superannuation guarantee increase and accessing home equity to fun...

Life/Risk

PC recommends increased life insurance funding for mental health

Placing consumers and their treating doctors at the centre of the decision-making process will improve outcomes and reduce the claims costs for life insurers to keep prem...

Superannuation

BlackRock's Fink praises Aussie super system

Australia’s superannuation system means the country has an advantage over other countries when it comes to helping its citizens prepare for retirement, according to Larry...

Life/Risk

Life Code Committee to get increased sanctions power

The Life Code Compliance Committee is to be given the power to impose sanctions on life insurers if they fail to live up to their obligations under the Financial Services...

Financial planning

Over 80% want a merger of FPA and AFA

Financial advisers believe the industry needs to speak with one voice and over 80% of respondents to a Money Management survey have supported a merger between the Financi...

Financial planning

Cutting regulation trumps scaled advice in reducing costs

Despite the scaled advice focus of the Australian Securities and Investments Commission, most financial advisers believe the real answer to reducing advice costs lays in ...

Financial planning

Six Park reveals degree of push behind expansion of scaled advice

The Government is talking about it, the regulator is talking about it and now digital advice player Six Park has released a white paper emphasising the need for an expand...

Financial planning

Will advisers be made to pay for reducing the cost of advice?

The Government wants financial advice to be made more affordable and a Financial Services Council has canvassed easier scaled advice, technology and less red tape as bein...