The $327,800 gap: how Australia’s super industry learned to lie with data
Australia’s super lobby groups are adopting methodology to fit the message, leaving advisers, policymakers and consumers to sort truth from advocacy.
Tag: FSC
Regulatory pendulum has ‘swung too far’: FSC
As a result of reform failures, the industry and its consumers are now enduring the “costly overhang” of poor regulatory design and regulation, the council boss said.
Advice reform and tax ‘razor gang’ lead FSC’s economic growth agenda
While the council’s plan for broad tax reform will grab headlines, its three recommendations for the advice industry have the potential to radically uplift the overall health of the financial services sector.
FSC maps out alternative super spending path for retirees
The Financial Services Council commissioned the Retirement Income Policy Roadmap to help the superannuation system put greater emphasis on the drawdown phase. Industry leaders say the biggest hurdle is a deeply entrenched fear of running out of money.
‘Too big an issue’: Levy questions whether super funds can handle advice expansion role
If super funds can’t implement the retirement income covenant’s mandate to provide retirement guidance, the review lead pointed out, how are they going to handle the responsibility of saving financial advice?
Jones grilled by Queensland advisers on QAR and skyrocketing advice levy
The minister was peppered with questions about phases 1 and 2 of the the government’s advice review response, as well as specialist accreditation and data access during a series of events in the sunshine state.
SOAs, safe harbour steps gone as government takes staged approach to advice reform
Financial services minister Stephen Jones has accepted 14 of Michelle Levy’s 22 recommendations to increase advice access, with super funds set to play an expanded role and advisers benefitting from a drastic cut to red tape. Banks and insurers, however, have had their advice reform hopes dashed – for now.
FSC, product providers bemoan lack of support from ASIC on innovation
On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.
Plans for a simpler, cheaper advice system
The Financial Services Council (FSC) is to now prepare a policy discussion (a 'green paper') for the industry and government, to be delivered in 2021, following the release of a...
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Advisers inundated with early release super enquiries
Strongly divided views about the wisdom of using the early release from superannuation have prompted large numbers of fund members to seek the advice of financial planners. Losing insurance cover,...
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Industry battles over early super release
The superannuation industry is deeply divided over whether the government’s decision to change the super early release rules is really in the interest of the super fund members.
The measure allows Australians to apply via myGov for access of up to $10,000 of their superannuation from April this year and an additional $10,000 from July 1 2020 for another three months.