treasury

Policy & Regulation

No loopholes, no carve-outs insist coalition of consumer groups

A coalition of consumer groups has pointed to key changes to advice and life insurance resulting from the Royal Commission and insisted on no loopholes and no carve-outs....

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...

Financial planning

Intra-fund advice has created advice unfairness

A West Australian adviser has told the Federal Treasury that industry funds have been allowed to hide behind intra-fund advice and to create an environment that favours o...

Policy & Regulation

PI ‘not worth the paper it’s written on’

The Federal Treasury has received yet more warnings that before it embarks on a compensation scheme of last resort it should fix professional indemnity insurance in circu...

Superannuation

Universal Age Pension will incentivise Aussies to save

Mercer has called for a universal Age Pension as it would create a simpler, more efficient super system with reduced administration costs....

Life/Risk

FPA wants limitations on insurer ‘advice’

Strong rules need to be written to ensure that financial advice given by insurance companies or their representatives at claim time is clearly recognised for what it is –...

Financial planning

AFCA gap gives banks ability to avoid liability

Businesses and farmers with facilities over $5 million are now in a worse financial position than parties with credit facilities under $5 million who are able to seek com...

Policy & Regulation

Govt’s code-monitoring decision will save millions

The Government’s decision to scrap industry-run Code Monitoring Authorities will save the major planner bodies millions in set-up and running costs....

Financial planning

FPA urged Treasury to differentiate between large and small licensees

The Financial Planning Association urged the Treasury to ensure the costs of extra regulatory scrutiny of major licensees such as the banks and AMP were not ultimately ca...

Policy & Regulation

Industry praises Treasury appointments

Industry bodies have applauded the Government’s appointments to the Treasury, stating it is a ‘clear indication’ of the strategic focus being placed on financial services...

Policy & Regulation

Choice wants voice on RC rectification taskforce

Consumer group Choice wants the Federal Government to fund a Royal Commission rectification taskforce and, furthermore, it wants recognition as a key stakeholder in imple...

Financial planning

Financial adviser exam will cost millions

The Financial Adviser Standards and Ethics Authority’s business plan has revealed the financial adviser exam will cost millions and be the authority’s single biggest expe...

Outsider

Nag, nag, nag but the horses have bolted

Outsider spent a reasonable portion of his working life strolling the corridors of the Federal Parliament and thus, he thinks he knows a thing or two about how the system...

Superannuation

ASFA urges Govt to expand work test exemption

ASFA is encouraging the Government to consider expanding access to the exemption from the contributions work test to individuals with a total superannuation balance under...

Financial planning

Advice carve-outs undermine RC findings, says ISA

Industry Super Australia has accused the Government of caving into the retail banks and the wealth management sector in allowing ‘carve-outs’ from the design and distribu...