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Financial Service Inquiry – Submission Deadline 31 March 2014

Financial Service Inquiry – Submission Deadline 31 March 2014

The Financial Services Inquiry is charged with examining how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth. Following the Terms of Reference released by Treasurer, Joe Hockey on 20 December 2013, the deadline for first submissions was 31 March 2014.  Over 200 submissions have been received.…

FoFA Regulations Paused by Acting Assistant Treasurer

FoFA Regulations Paused by Acting Assistant Treasurer

Senator the Hon Mathias Cormann, the Minister for Finance and Acting Assistant Treasurer, announced on 24 March 2014, that the legislation has been paused, and referred to the Senate Economics Committee which will enable the Government to consult with all relevant stakeholders on the Future of Financial Advice Regulations. Senator Cormann re-stated the Government’s position on a pre-election commitment…

Global Financial Centres Index (GFIC) – Sydney and Melbourne slip down the rankings

Global Financial Centres Index (GFIC) – Sydney and Melbourne slip down the rankings

Sydney and Melbourne’s rankings as global financial centres has fallen significantly in 2014 as New York reclaims the number 1 spot from London. Sydney’s ‘Global Financial Centres Index’ ranking fell by eight places from 15th to 23rd  and Melbourne’s ranking dropped four places to 37th spot in the survey. The report also found that New York had now taken over from London to become the…

Productivity Commission releases draft report on public infrastructure

Productivity Commission releases draft report on public infrastructure

On 13 March 2014 the productivity Commission released a draft report on public infrastructure identifying a key role for superannuation in financing future Australian infrastructure projects. The Productivity Commission stated how well the private sector (e.g. project finance and superannuation investment) is able to diversify risk among a large number of shareholders who in turn…

FSC releases a Mercer Report on asset allocations of superannuation and pension funds from around the world

FSC releases a Mercer Report on asset allocations of superannuation and pension funds from around the world

New research for the Financial Services Council by Mercer has benchmarked Australia’s asset allocation for superannuation against 11 other comparable private pension schemes around the world. The countries included in the report include: Australia, Canada, Chile, China, Denmark, Hong Kong, Japan, South Korea, Netherlands, Switzerland, the UK and the USA. The FSC stated it is the…

Assistant Treasurer, announces stability measures for SuperStream gateway network

Assistant Treasurer, announces stability measures for SuperStream gateway network

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, has announced arrangements to provide certainty and stability to the superannuation  industry by setting in place a governance structure for the SuperStream gateway network. SuperStream is a project to introduce e-commerce to the ‘back office’ of the superannuation industry, reducing transaction costs and processing times. SuperStream reforms are estimated to deliver…

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