Policy and Regulation

Industry bodies react to proposed changes to ASIC’s funding

Industry bodies have given mixed reactions to the Assistant Treasurer’s issuing of a consultation paper which is seeking stakeholders’ views on changing the financing of the Australian Securities and Investments Commission (ASIC) to an industry funding model. The new model would be based on the Government’s Cost Recovery Guidelines where the cost of regulation would […]

Satisfaction levels with retirement savings jumps but reality different

Two thirds of older workers are satisfied they have sufficient funds put aside to retire, a significant increase from 2012 where satisfaction levels with retirement savings were below 50 per cent, according to the Financial Services Council (FSC) – Commonwealth Bank of Australia’s (CBA) Older Workers Report 2015. The report also found close to three […]
Policy and Regulation

Frydenberg lays out his agenda for super

Governance is at the top of Assistant Treasurer Josh Frydenberg’s agenda for superannuation. Speaking at the Financial Services Council (FSC) breakfast briefing in Sydney he said the Government believes the way to do this is by making sure there is an “appropriate number of independent directors” on superannuation fund boards arguing that this will help […]
Investment Strategy

FSC members to have majority of independents by June

The Financial Services Council (FSC) has asked its retail superannuation fund members to have a majority of independent directors on their boards by the end of this financial year. The FSC defines independence as an individual not employed by the fund, its associated companies and material service providers either now or in the previous three […]
Policy and Regulation

Brogden calls on Rudd to delay Stronger Super, FoFA

Financial Services Council CEO John Brogden has appealed to the new Labor Party leadership to delay the implementation of the Stronger Super and Future of Financial Advice (FoFA) reforms by 12 months. Brogden believes much of the industry will struggle to comply with the legislation, which comes into effect on Monday. While reiterating the FSC’s […]