Legislation

Review leader Michelle Levy said the proposals need to look at the “full universe” of providers. If ‘good advice’ is to replace best interests duty while also opening the gates to product providers, the duties involved will need to fully match the breadth of that task.

Treasury has released for public consultation draft legislation aimed at closing a tax loophole for off-market share buybacks, prompting renewed fears over the future of franking credits despite assurances that mum-and-dad investors will not be affected.

Sentiment around retirement prospects is declining across the board in Australia, with millionaires almost as likely as less affluent investors to believe it would take a miracle to retire securely. Recent reports highlight the correlation between the new economic uncertainty and reduced confidence in a comfortable retirement.

The long-running project has been shelved after a devastating Accenture report cited multiple areas of concern. ASIC chair Joe Longo said the ASX “failed to demonstrate appropriate control”.

Australians should be putting more money into superannuation and diversifying out of property, some say, even as super performance remains a question mark.

A new report has identified “blanket de-banking” of certain sectors, and reminded the banks that commerciality must be balanced with corporate social responsibility.

It was a COVID-inspired idea that fell foul of the electoral cycle, but the nation’s small business advisory peak bodies continue to push for subsidised advice for small businesses.

Higher rates and the cost of living, on top of global events, have contributed to increased Fear Of Running Out across the country. Yet the level of concern may be relatively unfounded, AMP reports.

The corporate regulator has delivered a stern warning to licensees with the release of its guide on consumer remediation. After overseeing billions in repayments to Australians, ASIC chair Karen Chester says the industry “must do better”

By holding ground in areas such as quality of life, material well-being, finances and health while other countries fell back, Australia moved up two spots to 5th on the latest Natixis Global Retirement Index.

The inability of major casino operators – and many other ‘respected’ professions – to run a clean sheet is galling for an advice industry beset with stifling levels of regulation.

New income thresholds for seniors health cards, downsizer rules, the transfer balance cap, changing work test requirements and the Home Equity Access Scheme are the five most common technical problem areas for advisers in 2022.