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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.

Lisa Uhlman | 28th Jul 2023 | More
‘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?

Staff Writer | 27th Jul 2023 | More
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.

Staff Writer | 17th Jul 2023 | More
  • 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.

    Tahn Sharpe | 13th Jun 2023 | More
    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.

    Tahn Sharpe | 9th Jun 2023 | More
    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 major report by Rice Warner proposing sweeping changes to Australia’s financial advice system. The Rice Warner report was commissioned by the FSC and discussed at…

    Greg Bright | 22nd Oct 2020 | More
  • 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, reducing retirement benefits and crystallising losses are the main issues commentators have highlighted. According to AMP’s technical adviser support team, early release of super was…

    Annabelle Dickson | 6th May 2020 | More
    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.

    Annabelle Dickson | 25th Mar 2020 | More