Legislation

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.

Many have seen the value of their superannuation, property and share portfolios fall over the past six months, which has only highlighted the need for quality advice.

As romantic as it may be to proclaim the emergence of an advice profession and to suggest that a ‘good advice’ duty is a panacea for systemic failures, the retreat of institutional licensees from advice is not necessarily evidence of our capacity for self-regulation.

Advice is set for a dramatic shift towards deregulation, with the Levy proposal paper sketching a plan to ditch statements of advice and best interest duty in favour of a new “good advice” directive.

Funds have adapted to the test’s metrics, but the consequent risk aversion could put the industry in “limp mode” and curb performance.

The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.