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Productivity Commission Inquiry Report

Productivity Commission Inquiry Report

On 10 January 2019, the Productivity Commission Inquiry Report: ‘Superannuation; Assessing Efficiency & Competitiveness’ was publicly released after being handed to Government on 21 December 2018. Key points from the Commission’s Report include: Australia’s superannuation system needs to improve its adaptation to the modern workforce and the growing number of retirees. Structural flaws are resulting…

Address to the Financial Services Council Leaders’ Summit, International Convention Centre, Sydney

Address to the Financial Services Council Leaders’ Summit, International Convention Centre, Sydney

On 26 July 2017, the Hon Kelly O’Dwyer, the Minister for Revenue and Financial Services delivered an address in Sydney outlining the Government’s role in promoting the Australian financial services sector, it’s latest superannuation reform initiatives and the strengthening of regulatory supervision. Citing an ANZ report forecasting that the Asian financial system would be larger…

Insurance in Superannuation Working Group (ISWG) calls for Submissions and issues Discussion Papers

Insurance in Superannuation Working Group (ISWG) calls for Submissions and issues Discussion Papers

On 15 March 2017, the Insurance in Superannuation Working Group (ISWG), issued a series of Discussion Papers inviting submissions on a range of matters, including extending the Life Insurance Code of Practice to superannuation trustees. ISWG Chairman Mr Jim Minto said too many people have multiple superannuation accounts and while insurance benefits are valuable to members, there…

Government Review of Australian Dispute and Resolution of Complaints Framewok

Government Review of Australian Dispute and Resolution of Complaints Framewok

In 2016, the Australian Federal government appointed an expert independent panel to review the existing dispute resolution and complaints framework of the financial system. This includes the existing Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). On Tuesday 6 December, the Review Panel released an Interim Report containing draft…

Government Passes Changes to the Superannuation System

Government Passes Changes to the Superannuation System

The changes to the superannuation system have passed through Parliament today, following compromises reached, after the initial announcement in the 2015-16 Budget. Changes include: A $1.6 million cap on the amount of tax free savings a member can have in retirement from 1 July 2017. (The cap will be indexed and will rise each year…

Professional Standards for Financial Advisers Introduced

Professional Standards for Financial Advisers Introduced

On 23 November 2016, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP introduced legislation into Parliament to mandate professional standards for financial advisers. Requirements The Bill will require: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics for the industry; An…

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