The key takeaways from Shaping Advice Summit 2026: Event wrap up
The key takeaways from Shaping Advice Summit 2026: Event wrap up
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Inside the FSC’s Technology in Wealth Summit: Event wrap up
Nearly 300 leaders from 100 companies across financial services technology, advice, superannuation and investment management gathered at the Four Seasons Hotel Sydney on 6 May for the FSC’s Technology in Wealth Summit 2026.
Event Wrap-Up - Meeting Consumers Where They Are: FSC Unpacks Digital Financial Advice
On 14 April 2026, the FSC launched its latest research, The Role and Value of Digital Advice in Australia. Bringing together industry leaders across superannuation, financial advice businesses, and digital advice providers, the event examined how digital financial advice is being deployed in practice and what it means…
FSC Leads the Conversation on Innovation in Retirement
The Financial Services Council’s Innovation in Retirement forum, held in Sydney on 16 October 2025, welcomed a capacity audience of over 280 attendees from more than 80 companies. Drawing on its deep connections across industry, government, and regulation, the FSC brought together CEOs and senior leaders from the…
Event wrap-up - Shaping Advice in a Time of Change
The Financial Services Council’s Shaping Advice in a Time of Change was a sell-out event, drawing 275 attendees from across the financial advice ecosystem in Sydney on 30 July.
Op-Ed - Reduce the red tape and make it cheaper for ordinary punters to find reliable financial advice
There’s an old joke, that the only person excited on a Monday is a retired person.
Op-Ed - Financial services industry calls for economic growth agenda
The Australian economy is in a malaise, with Gross Domestic Product (GDP) slowing over the course of 2024 and, outside the COVID-19 economic shock, now recording the weakest rate of GDP growth in a generation.
Government responds to the Quality of Financial Advice Review
The Financial Services Council has welcomed the Government’s response to the Quality of Advice Review and its commitment to remove costly red tape imposed on financial advisers this year.
Measure super’s success against retirement incomes, not the size of the pool
The success of Australia’s superannuation system is too often measured by its rapid growth to $3.4 trillion in savings, not by its actual objective, which is to provide income for Australians in retirement.
Better financial advice can benefit all Australians
Financial advice delivers a direct, tangible benefit to consumers, and the failure of the current regulatory framework to deliver affordable advice on the topics consumers need is causing financial harm to millions of Australians.
Time is now for meaningful advice reform
One of the great errors we make in life is overcompensating for our last mistake.
Policy and Advocacy update - July 2022
Next month, the new Government will have just ticked over their first 100 days. Early signs, including regular engagement in Canberra by the FSC, indicate the new Government is focused on implementing election commitments.
FSC liaison with Australian Taxation Office steps up
The FSC works closely with the Australian Taxation Office (ATO) on many issues of importance to members.
Next steps for the Corporate Collective Investment Vehicle
An important reform to financial services, Corporate Collective Investment Vehicle (or CCIV) came into operation on 1 July this year. The CCIV will provide, for the first time, an Australian investment vehicle that combines the corporate legal framework of a company with flow-through tax treatment.
Updating the FSC investment management agreement
The FSC continues work on updating the FSC investment management agreement (IMA).
Key superannuation policy priorities of the new Government
Now that the Government has determined its key Ministerial appointments and gets underway with implementing its legislative agenda, it’s timely to briefly examine the three key areas of Government focus over the next year when it comes to superannuation.
Greater consistency and accuracy needed to avoid greenwashing
With growing funds under management in ESG themed investment products, ASIC undertook a thematic review into greenwashing, looking into the disclosures of selected managed funds and superannuation funds.
Strong industry alignment on Quality of Advice Review
The FSC has committed to a joint submission to the Quality of Advice Review between 11 advice associations that is aligned to the FSC’s policy positions.
Life Insurance Framework Evaluation
The FSC recently published its submission to the Quality of Advice Review that importantly included a response to Treasury’s evaluation of the Life Insurance Framework (LIF).
Policy and Advocacy update - June 2022
It’s been just over a month since the 2022 Federal Election, with the new Albanese Government getting off to a quick start. Key Treasury Ministers have been confirmed with Treasurer Jim Chalmers, Minister for Financial Services Stephen Jones and Assistant Minister for Competition, Charities and Treasury Andrew Leigh…
Reducing the cost of providing financial advice is the key issue facing the Quality of Advice Review
With Financial Services Minister, Hon Stephen Jones, reinforcing no changes to the Terms of Reference for the Quality of Advice Review last week, one thing is clear: reducing the cost of providing advice to allow more advice on the issues consumers need and want while ensuring they are protected - is the key issue…
ASIC consultation on proposed DDO exemption for reissue of insurance policies
ASIC is conducting a targeted consultation in response to a FSC request for life insurers to be exempt from the design and distribution obligations (DDO) in certain limited situations.
Updated Guidance for Corporate Collective Investment Vehicles
ASIC released new and updated guidance for corporate collective investment vehicles (CCIVs) on 23 June. The requirements come into effect on 1 July 2022, when the CCIVs regime commences.
The Genetics Moratorium Review
In June 2019, the FSC introduced the Moratorium on Genetic Tests in Life Insurance.
Supporting greater gender diversity
There is extensive research showing that organisations directly benefit from diversity in a range of ways; diversity of thought, improved decision making, new innovation and better financial performance. Yet the data around organisational diversity is not at desired levels.
Updating the FSC investment management agreement
The FSC continues work on updating the FSC investment management agreement (IMA). The FSC is continuing dialogue with members and legal counsel what some of the key changes and updates are likely to be.
Australian Superannuation and Infrastructure Investment Vehicle
It’s almost thirty years to the day marking Australia’s transformation into a nation of compulsory savers with the introduction of the superannuation guarantee. From humble beginnings, our superannuation system is now the fourth largest pension system in the world.
Making life easier for professional year candidates
Limiting the scheduling of financial adviser exams holds back professional year (PY) candidates because it takes them longer than one year to complete a professional year at a cost to both them and the licensee.
Improving the efficiency of Australia's superannuation system
Australians deserve a superannuation system that is fair, efficient and competitive. When it comes to the regulatory environment, Australian superannuation funds have been navigating the biggest reform agenda since the system’s inception.
Quality of Advice Review - limited advice
A regulatory framework that empowers consumers to get limited advice on simple or basic issues is the key outcome the FSC seeks from the Quality of Advice Review.
Regulating crypto in Australia
More than 800,000 Australians have transacted in digital assets over the past three years. However, due to regulatory uncertainty, growth in retail investment in digital assets has led to concerns that retail consumers are without adequate consumer protections.
2022 federal election called
With the 2022 election having been called on the weekend, the campaign period will see the FSC take stock in preparation for the outcome.
Clarification of application of unfair contract terms regime
The FSC has had success in advocating for changes to the unfair contract terms regime so that it appropriately caters for life insurance.
Financial Fraud and Regulating Google and Facebook
Major digital platforms such as Google and Facebook have been under greater scrutiny over the way their services, particularly through targeted advertisements and taking advantage of algorithms, can be used to spread misinformation.
Quality of Financial Advice Review
By the end of this year all of us will have a picture of what the advice sector could look like when Michelle Levy’s Review makes its recommendations to government.
ETF Naming Conventions
The FSC supports simplifying ETF naming conventions to enhance consumer understanding.
Life Insurance Framework
Treasury’s Quality of Advice review will determine the policy settings of life insurance for years to come and show that the Life Insurance Framework has been an effective reform that has protected consumer outcomes.
Guidance for Divesting Russian Assets
The FSC has released guidance to assist superannuation trustees and fund managers with divestment of Russian assets, consistent with the strong expectations outlined by the Government.
The redesign of financial advice is underway
Over-regulation has caused the unprecedented attrition of advisers from the industry. The advice sector begins the year with an estimated 18,500 advisers, having experienced a 25% decline from over 25,000 advisers three years ago, in a market of 2.6 million consumers of financial services.
Corporate Collective Investment Vehicle (CCIV) now law
The FSC was very pleased that the CCIV passed Parliament in February and is now law. The FSC welcomed the implementation of this historic reform for financial services.
Superannuation fund holdings for Russian assets
On the 3rd of March 2022, the Federal Government confirmed its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets.
Compensation Scheme of Last Resort (CSLR) update
On 25 November 2021, the Senate referred the Financial Accountability Regime and CSLR legislation to the Economics Legislation Committee (Committee) for inquiry and report by 15 February 2022.
Why taking a genetic test won’t stop you getting life insurance
In 2019 Australian life insurers introduced a Moratorium on using genetic test results to assess life insurance applications.
ASIC regulated entities encouraged to adopt enhanced cyber security position
The Australian Cyber Security Centre (ACSC) recently issued an alert supporting Australian organisations adopting an enhanced cyber security position to improve their cyber security resilience in the current “heightened threat environment”.
Foreign Financial Services Provider regime update
The revised Foreign Financial Services Provider Bill was introduced on 17 February 2022 in the House of Representatives.
Compensation Scheme of Last Resort
The Financial Accountability Regime Bill 2021 and Financial Services Compensation Scheme of Last Resort (“CSLR”) Levy Bill 2021 and related bills were referred to the Senate Economics Legislation Committee (“Committee”) for inquiry and report by 15 February 2022.
FSC welcomes new Executive Director for Advocacy
Spiro Premetis has started at the FSC as our Executive Director for Advocacy, bringing with him extensive experience in financial services policy and politics.
The value of life insurance
As we draw stumps for 2021, it’s natural that we may feel in some way compelled to look back and reflect on the year we’ve, at times, had to struggle to get through.
A stronger and more resilient industry
The financial services industry is closing out a challenging 2021, not only as a result of the continuing reverberations from COVID-19, but due to the significant waves of regulation that were implemented or commenced operation.
Modern Slavery Amendment Bill 2021 (NSW)
The Modern Slavery Amendment Bill 2021 has been passed by New South Wales Parliament on 14 October 2021. This Bill amends the Modern Slavery Act 2018 (NSW), with the amended Bill will now commencing on 1 January 2022.
Competition in Funds Management
ASIC asked Deloitte Access Economics to undertake independent research examining competition in the funds management sector with a focus on the outcomes that the industry is delivering for investors in retail managed investment schemes.
The Financial Accountability Regime (FAR) progresses
The Financial Accountability Regime draft bill (FAR Bill) was introduced into the House of Representatives on Thursday 28 October.
Ensuring Australians have certainty over their insurance cover
When the Government’s ‘Your Future, Your Super’ reforms were passed this year they introduced an important consumer protection to ‘staple’ superannuation members to their fund, so that they take their superannuation account with them from job to job. The stapling regime came into effect on 1 November.
Next steps on the White Paper on Financial Advice
The launch of the FSC’s White Paper on Financial Advice this month has been well received. While it will hard code the philosophy and direction of FSC advocacy for the sector going forward – reform cannot come soon enough.
Leading the development of solutions to reduce compliance burdens – one of the biggest differences industry bodies can make
The FSC has made no secret of the need to reduce the regulatory burden on the financial services industry, particularly financial advice, in its advocacy to Government and regulators.
Capital concentration and competition policy – serious issue or tilting at windmills?
The House of Representatives Standing Committee on Economics is currently holding an inquiry into the implications of common ownership and capital concentration in Australia.
Another milestone for the Life Code
Tuesday 28 September 2021 was an important milestone for the life insurance industry.
Professional advice is the safest vehicle for embracing a brave new world of information and wealth
The recently released Intergenerational Report shows the implications of an ageing population with rising health costs and fewer taxpayers by 2060.
Are you ready for the commencement of the DDO regime?
The start date of the Design and Distribution Obligations, or DDO, is rapidly approaching.
Financial Accountability Regime (FAR) update
The FSC made a submission on 13 August to Treasury in respect of the Financial Accountability Regime (FAR) draft Bill, a recommendation of the Hayne Royal Commission due to start from 1 July, 2023.
FSC collaborates with advice sector on advice fee consent and independence disclosure
It seems almost every day that a new regulation prescribing another form of disclosure is being piled onto the advice sector.
It’s time to elevate retirement income
A shiny new Intergenerational Report (IGR) is like Christmas for policy wonks.
FSC Gender Diversity initiative – Women in Investment Management Charter
The FSC was proud to launch the FSC Women in Investment Management Charter (WIM Charter) at a recent joint event with Mercer, which delivered solutions to improve gender diversity in investment management.
Consumer Data Right: A strategic assessment
The Government is consulting on its rollout of the Consumer Data Right (CDR) to various parts of the economy by the end of this decade.
FSC collaborates with advice sector on advice fee consent and independence disclosure
It seems almost every day now that a new regulation prescribing another form of disclosure is being piled onto the advice sector.
Policy work continues on important issues
The FSC has been caught up in the broad-based NSW lock down, which impacts our Sydney CBD office.
The FSC’s proposal for simpler advice documents
A focus for the FSC in our review of financial advice laws is finding opportunities to streamline regulation that is holding back the industry from delivering lower cost and higher quality service to consumers.
Australian Death Notification Service
Have you heard of the Australian Death Notification Service? Well if you have, you’re in the minority.
APRA climate risk guidance
APRA has released its draft Prudential Practice Guide CPG 229 on managing climate change financial risks.
We need to talk about how we talk to members
I’m not a financial adviser, but that doesn’t stop everyone, from colleagues to family members to my hairdresser, asking what they should do with their super.
Critical need for efficient management of Legacy Products
Legacy products are financial products that are well past their “use by” date, as they are no longer issued to new retail customers and over time the number of remaining few customers gradually decreases.
FSC Green Paper on financial advice will offer comprehensive debate on affordability and accessibility
The FSC wants comprehensive debate about the affordability and accessibility of financial advice in Australia, and the best solutions to secure that.
ASIC competition in funds management review
The funds management sector represents $2.3 trillion in consolidated assets and is a key part of the Australian financial services sector, thus prompting ASIC to undertake a competition review of funds management.
Make this major issue a positive one for consumers
We constantly talk about removing red tape, but it almost never gets done.
Design & Distribution Obligations (DDO) updates
The FSC is doing extensive work to help members prepare for the start of the Design & Distribution Obligations (DDO) regime, which begins in October 2021.
Navigating the Design & Distribution Obligations, & Exchange Traded Funds
With the Design and Distribution Obligations (DDO) due to commence 5 October this year, the release of ASIC Regulatory Guide RG 274 Product Design and Distribution Obligations (RG 274) in December 2020 was eagerly anticipated by the industry.
FSC policy priorities for 2021
I was very pleased to recently host the FSC’s policy team in a detailed member briefing on the policy priorities for 2021.
When all of this is over how do we want financial advice to look?
In the initial stages of the pandemic, writer Elif Shafak, in her recently published essay How to Stay Sane in an Age of Division, recalled seeing signage spring up in parks in London with the question: “when all this is over how do you want the world to be a different place?”.
FSC welcomes new appointment to Board
The FSC welcomes Andrew Morgan, Acting Managing Director of MLC Wealth as a Director to the FSC Board.
Considered design required for timely changes to the super system
Parliament will very soon have the opportunity to debate the Government’s ‘Your Future, Your Super’ reforms that were announced in the October 2020 Budget.
Royal Commission recommendations pass Parliament
The Government legislated a second tranche of Royal Commission recommendations, with the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 passing Parliament on the final sitting day of 2020.
Nothing Shy about the Retirement Review
Policy wonk heaven over the Christmas break will surely be relaxing on the back deck with a beer and a copy of the recently released Retirement Income Review.
Consumer Data Right (CDR) and the financial services industry
Lisa Schutz is Managing Director of Verifier – a consumer driven data sharing platform that puts people in control of their data to get better service and better outcomes in financial services.
Building momentum behind a simpler and less costly advice value chain
It might be the year all of us wish to forget, but the consequences of COVID-19 have been defining moments for many – and for advice, 2021 is the year in which the industry charts a new course.
Investment Summit shows capitalism needs ESG
The economist Milton Friedman famously said that in a market economy, ‘there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.’
Big hitters debate big challenges at inaugural FSC Investment Summit
Climate change. Regulation. COVID-19. Recession. Populism. All these topics and more were tackled by local and international speakers at the FSC’s inaugural Investment Summit this week.
Actuarial Talent in the Year of Pandemic
Christmas is around the corner (sure does not feel like it) but ironically feels premature given the prolonged months of slow activity during 2020 for reasons well-known.
What does competition look like in a Your Super future?
Default super is about to become a whole lot more competitive, but perhaps not in the way many of us imagined.
Future of financial advice debated by industry’s leading lights
Many of Australia’s best and brightest minds in financial services gathered online to help shape the future of financial advice this week.
An ideal financial advice system
Nicole Salimbeni, Partner, Financial Services and Consumer Business Leader, PwC comments on achieving more accessible advice for consumers, plus what an ideal financial advice system looks like.
A pursuit to contribute positively to the mental health of our fellow Australians
Super chuffed about the opportunity to write the guest blog for the mental health and life insurance virtual roundtable; I did the Gen X thing and googled “features of a great blog”.
The need for, and value of, financial advice
Nathan Jacobsen, Managing Director, Paragem comments on the licensee’s role in the future landscape of advice in Australia
Financial advice and the future
Jodie Hampshire, Managing Director, Australia at Russell Investments comments on the benefits of a scaled advice solution for consumers.
Electronic execution and remote witnessing of documents: things writ in water?
The COVID-19 pandemic has given rise to much reflection on the ever-present topics of execution and witnessing of documents.
Dear Treasurer – red tape removal for loans (✔️); next move – super reform
Is that the sound of the first shredding of red tape in financial services?
In Conversation with Andrew Landman – Chief Executive & Head of Australasia, BlackRock Investment Management and FSC Director
Formerly BlackRock’s Head of Client Business for Asia-Pacific, based in Hong Kong for five years, Andrew Landman has returned to Australia during an exceptionally interesting time for the financial services sector. We asked Andrew to comment on some of today’s key industry activities.
Income protection losses point to the need for a rethink
Last week, APRA published a gloomy set of quarterly numbers showing that the life insurance industry made a total net loss after tax of $179 million for the March to June 2020 quarter on individual income protection products (IP).
Housing affordability is a problem – but it’s not up to super to solve it
Inevitably, the broadening of superannuation early release rules as part of the COVID-19 response has led us back to debating whether we should extend the existing First Home Super Saver scheme.
A reminder of life insurance’s noble purpose
While it may surprise some to know that the original concept of life insurance can be traced back millennia to ancient times, there is no doubt the life insurance industry plays a vital role by providing financial protection when people need it most.
Your Super, Your Choice
Recently, your FSC team intently watched the Senate live stream as divisions were called for a critical piece of reform to superannuation – Minister Jane Hume’s 'Your Super, Your Choice' bill enabling every Australian to choose a superannuation fund.
Clarity on electronic renewals of Ongoing Fee Arrangements secured
Advocacy by the FSC, along with the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) – to ASIC and the Federal Government has secured valuable clarity on the parameters for electronic renewals of Ongoing Fee Arrangements (OFAs).
Fund Management Board Committee (FMBC) leader insights
The FSC recently announced that the Investment Board Committee had been reconstituted into the Fund Management Board Committee (FMBC), which is supported by the Investment Expert Group (IEG).
The new RG 97 - what are the changes?
Now that the hurly-burly’s done and the battle is lost and won, what is the outcome for fees and costs disclosure?
Future of life insurance industry debated at Summit
Online attendees at this week’s FSC Life Insurance Summit heard numerous industry leaders discuss the substantial challenges facing the life insurance sector.
Towards a sustainable future
The life insurance industry is at an “inflection point” which challenges its long-term sustainability and demands fundamental change: this was the consensus view from a panel of industry leaders comprising regulators, re-insurers and product manufacturers.
This week is life insurance awareness week
At 27 I was diagnosed with Acute Myeloid Leukemia and quickly learnt what you really don’t want to leave until the last minute
Advisers in demand during COVID-19
Financial advisers have been “inundated” with enquiries from clients during the COVID-19 pandemic and people without advisers had struggled to find someone to help them, the FSC’s Life Insurance Summit was told.
Fixing fee disclosure and ironing out opt-in
The Fee Disclosure Statement (FDS) became part of our advice regulation the Future of Financial Advice (FOFA) reforms nearly a decade ago.
Life insurance industry works to protect Australians’ mental health
Since the pandemic was declared, Australian insurers have been preparing for a “tsunami of mental health claims”, according to Carly Van Den Akker, Head - Life & Health Claims ANZ, Swiss Re.
Economic observations
On 23 July the Government released its Economic and Fiscal Update, reflecting the health of the economy over the 2019-20 financial year, and providing important forecasts for 2020-21.
RG 97: Fee and cost disclosure: the end of the Saga? A new one begins?
For many years now, ASIC has been on a quest for the Holy Grail of transparency and comparability in fees and costs disclosure of financial products.
Investments updates
OPINION PIECE - by Bianca Richardson, Senior Policy Manager - Investments and Global Markets
Technology is the facilitator, not the answer
Here, life insurance industry specialist Lesley Mamelok, Acting CEO and CFO, Integrity Life talks to the influence that technology is having on the sector.
Evolving model for life insurance
A life insurance advice model, where product issuers pay for consumers to seek independent advice, could be a way forward for the industry as it moves on from the turmoil of the 2018 Royal Commission and regains public trust, according to a senior lawyer.
Minister lauds COVID-19 response from life insurance industry
Senator Jane Hume this week praised life insurers for providing a “safety net” for Australians during the COVID-19 pandemic.
FSC Future of Advice: Nerida Cole
We spoke to financial advice industry specialist Nerida Cole from Dixon Advisory about the impacts of COVID-19 on the financial wellbeing of Australians, as well as how the crisis has demonstrated the true value of advice.
A fund managers’ perspective on investing and climate change
Speakers from the UK, Hong Kong and Sydney joined us for the FSC’s recent under 35s Circuit event on investing and the influence of climate change on global markets.
Superannuation – what's it really for?
Three major fiscal safety nets saved many Australians from economic penury in this pandemic – the taxpayer-funded JobKeeper and JobSeeker schemes, and the superannuation early access scheme.
End of financial year tax update
End of the financial year is always a busy time for tax managers in financial services. But this year things are substantially harder with the disruption caused by COVID-19.
The financial services industry's role in accelerating economic growth
This past week the FSC contributed to the national policy debate by releasing our Accelerating Australia’s Economic Recovery report.
How the frontline of financial advice is changing
A lot has been said about advice businesses experiencing a surge in demand for their services as they support clients through matters relating to early access to superannuation, redundancy, life insurance, pension minimums and more.
Australian Superannuation and Infrastructure Investment Vehicles, or ASIIVs
OPINION PIECE -by Michael Potter, Senior Policy Manager – Economics & Tax
A new era for data in the Australian life insurance industry
OPINION PIECE -by Aidan Nguyen, Policy Manager – Life Insurance
FSC Future of Advice: Allison Dummett, Matrix Planning - Part 2
In Part Two of our Future of Advice discussion with Allison Dummett from Matrix Planning, we explore the influence of regulation and technology on the financial advice industry.
Fees and Costs Disclosure: RG 97 and ASIC Instrument: FSC Advocacy and impact of COVID-19
The FSC has been involved in ongoing advocacy concerning this long-standing topic, writing submissions, meetings with ASIC and participating in the cross-industry Industry Working Group (IWG).
Turning point for superannuation
OPINION PIECE -by Jane Macnamara, Senior Policy Manager – Superannuation & Retirement Incomes
FSC Report: Accelerating Australia’s Economic Recovery
It is a great pleasure to be sharing with you today a copy of the FSC's Accelerating Australia's Economic Recovery Report.
Modern Slavery update
On 1 January 2019, the Modern Slavery Act 2018 (Cth) (Commonwealth Act) commenced, creating a modern slavery reporting requirement for certain companies operating in Australia.
FSC Future of Advice: Kathy Vincent, BT
Kathy Vincent, BT's General Manager Platforms, Investments & Operations explains how Australian advisers have rapidly adapted to the impacts of COVID-19, including how technology has transformed and enhanced behaviours and relationships between advisers and clients.
FSC Future of Advice: Allison Dummett, Matrix Planning - Part 1
As the FSC gears up for the launch of the Future of Advice Report later in the year, industry leader Allison Dummett from Matrix Planning shared her thoughts on the current market conditions in the wake of COVID-19. Here in Part One, Allison discusses the role of financial advice for everyday Australians.
Regulations – can we clear the trees in the forest after COVID-19?
The swift response from regulators to many of our requests for relief and waiver from a raft of regulatory initiatives and projects as the Black Swan event of the century closed our economy to a trickle was enormously welcome.
A message from our new Deputy CEO
The financial services industry is facing into serious challenges, not just as a result of the current COVID-19 pandemic, but also working through significant reform arising from the Financial Services Royal Commission and a range of other Government and regulator inquiries.
Prioritising funds management focus to assist members
OPINION PIECE - by Bianca Richardson, Senior Policy Manager – Investments and Global Markets and Vincent So, Policy Manager, Investments and Global Markets
Understanding your life insurance cover in these uncertain times
OPINION PIECE -by Nick Kirwan, Senior Policy Manager – Life Insurance
Australian tax news and developments
OPINION PIECE -by Michael Potter, Senior Policy Manager – Economics & Tax
Financial advice is here to stay so let’s shape it
Economic historians might one day conclude that it was not the Royal Commission that upended Australia’s financial advice industry, but instead a contagious and deadly virus that after sweeping the globe threatening health systems, shutting borders and with it the global economy, triggered a transformation of…
FSC Mental Health & Life Insurance Round Table Webinar Podcasts
Mental Health and Life Insurance Round Table discussed mutual concerns during the COVID-19 pandemic.
Superannuation in the spotlight
OPINION PIECE -by Jane Macnamara, Senior Policy Manager – Superannuation & Retirement Incomes
FSC appoints new Deputy CEO
The FSC has appointed Blake Briggs as its Deputy Chief Executive Officer.
The Golden Goose of Foreign Investment
OPINION PIECE - An analysis of the Significant Investor Visa (SIV) by Vincent So, Policy Manager, Investments and Global Markets
FSC Events Update
In response to our uncertain times, the FSC has made the decision to postpone a number of upcoming events.
FSC Member Recognition Awards
Last week, the annual FSC Member Drinks took place at the beautiful offices of our event host partner EY.
Preventing Elder Financial Abuse
Following on from the launch of the FSC Guide to the Prevention of Elder Financial Abuse last year, we spoke with NAB's Head of the Office of Customer Advocate Michelle Ward about some of the organisation's practices.
Global Perspectives on Regulatory Themes
Late last year the FSC welcomed Jonathan Herbst, Global Head of Financial Services Regulation at Norton Rose Fulbright LLP, to present to members on Global Perspectives on Regulatory Themes.
'Is the future of funds management direct to consumer?'
At the FSC's Technology Workshop Series IV Event 'Is the future of funds management direct to consumer?' panel speaker Mike Ghenta highlighted some of the current barriers to entry for consumers.
Exploring the body of evidence supporting the role psychosocial factors play in mental health conditions
"Mental health is a spectrum and requires a more holistic and tailored approach, with a multi-disciplinary team, not a one-size-fits-all solution."
The impact of psychosocial factors on mental health and their implications in life insurance
At a Policy Briefing on 14 October, the FSC and KPMG released a joint research paper that explores the body of evidence supporting the role psychosocial factors play in mental health conditions.
Genetics Moratorium - The Practical Considerations for Underwriting and Claims
Insights from the FSC's recent workshop-style event that aimed to help prepare the industry for full compliance with the moratorium in a consistent and customer-centric way.
Comment: Should the Superannuation Guarantee move to 12 per cent?
Introductory comments by Michael Rice, who appeared at The Summit 2019 on 'The Great Debate - Should the Superannuation Guarantee move to 12 per cent?' panel discussion.
The future of retail super in Australia
Leaders in retail superannuation discussed the role of choice in superannuation and how the sector will continue to meet the needs of members in the final session of the FSC Summit 2019.
Political perspectives from the Opposition - Stephen Jones, MP, Shadow Assistant Treasurer and Shadow Minister for Financial Services
The Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones MP, used his presentation at the FSC Summit to focus attention on Australia’s $2.8 trillion superannuation industry and its emerging challenges.
Super funds opt “hybrid” insourcing model
Local and global perspectives on the topic of internalising funds management were shared by a line-up of expert panellists at The Summit 2019.
“Best Interest” in super is retirement outcomes
A deep-dive discussion on conflicts of interest and financial outcomes in the best interests' duty arena.
Underperforming super funds in ASIC’s sights
Corporate regulator ASIC is targeting underperforming superannuation funds as part of its new corporate plan, saying it was “putting trustees on notice”.
In Conversation with Tony Boyd, the Hon Greg Combet AM
The biggest issue facing Australia’s superannuation industry is chronic underperformance, according to IFM Investors and Industry Super Australia Chair, the Hon Greg Combet AM.
Financial markets facing uncertainty in Royal Commission aftermath
Insights from the ‘Financial services in the Morrison Government – what are the implications?’ session at The Summit 2019.
Life insurance industry needs commissions: Trowbridge
Insurance industry commentator and former regulator John Trowbridge has called for the retention of sales commissions for life insurance products, saying that the alternative fee for service model does not work in the industry.
Financial advice in Australia - the new world
There's a need to change the conversation away from reform and instead talk about evolution.
Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and Financial Technology
Senator the Hon Jane Hume has provided some clarity about the Morrison Government’s approach to what she describes as “the most comprehensive financial services law reforms since the 1990s.”
Business and life lessons from the Hon Julie Bishop
The Hon Julie Bishop has urged the financial services industry to adopt unconditional leadership practices as it continues to respond to the fallout of the Banking Royal Commission.
US/China conflict the biggest risk to Australia, says FSC audience
The US/China trade dispute is seen as the biggest threat to Australia’s landscape over the next ten years and is more concerning than the impact of global warming and the policies of central banks.
Retail super funds must show their value, says industry leader
Retail superannuation funds were placed squarely in the spotlight during the recent Royal Commission. While that spotlight was not always flattering, one positive side effect is that many consumers are now taking a greater interest in superannuation.
Funds management innovation in the Australian market
Just days away from The Summit 2019, the FSC has gained an insight into what PwC, Tax Partner, Ken Woo thinks about funds management innovation.
Financial Services in the Morrison Government - what are the implications?
With the FSC ‘s annual premier conference event – The Summit – less than 2 weeks away, The FSC sat down with Julie Coates, PwC Managing Partner, Clients & Markets and Financial Services Industry Leader to get an insight into what to expect during her panel discussion on Tuesday, 27 August.
Platform technology and the next phase of evolution
Investment and superannuation platforms were “light years ahead” of where they began several decades ago and the technology now promised unprecedented levels of engagement and customisation for investors, an FSC Technology Series Workshop has been told.
Clarity and collaboration is still possible in a complex regulatory landscape
Regulation of the financial services sector is in a state of flux across the globe, as different regions pursue contrasting – and sometimes conflicting – agendas. Yet collaboration and good policy could help achieve greater unity. That’s the message from Chris Cummings, CEO of the UK’s Investment Association.
The Financial Services Royal Commission: Quo vadis, Financial Services Industry? Part 2 - advice, life insurance and general matters
A contributor article by Paul Callaghan, General Counsel, Financial Services Council.
EY Pitchfest
The EY PitchFest is fast approaching, are you coming to see what the finalists are doing to address Financial Wellbeing?
Industry leaders encouraged to discuss exchange traded funds with regulators
Financial services leaders have been invited to engage with global regulators and share their risk assessments for exchange traded funds (ETFs).
Weak labour market reveals flat economy
Excess capacity in the labour market was the key to understanding the weakness in the Australian economy and was the driving cause of expected interest rate cuts by the Reserve Bank.
ETFs on the rise in Australia
Financial services leaders heard about the past, present and future of exchange traded funds at the recent FSC ETF Forum in Sydney.
Global regulators ponder risk and innovation for exchange traded funds
As the popularity of exchange traded funds (ETFs) continues to soar, global regulators are reconsidering how they strike the balance between managing ETF risk without hampering innovation.
Q&A - Economic and Market Trends Post-Election
The FSC spoke with Su-Lin Ong, RBC Capital Markets and Michael Thomas, Deloitte Access Economics on today's economic and market trends.
Investment Companies Institute (ICI) Conference
There’s nothing like sitting in a room full of American fund managers responsible for managing the nation’s US$21 trillion funds under management to understand Australia’s place in the world.
ETFs set for further growth, Lomholt tells industry leaders
The exponential growth of exchange traded funds (ETFs) in the United States could be a sign of things to come in Australia, according to Axel Lomholt, Vanguard’s international Head of ETFs.
State of the Industry 2019
This year marks the fourth edition of the high-level summary of Australia’s largest industry, the financial services sector.
Rakhi Kumar Interview with the FSC
The FSC spoke with Rakhi Kumar, Senior Managing Director, Head of ESG Investments and Asset Stewardship at State Street Global Advisors, about Australia's current ESG and Corporate Governance environment.
Three pillars to rebuild trust in the life insurance sector
Competition, innovation and communication are essential if trust is to be rebuilt in the wake of the Royal Commission.
The Financial Services Royal Commission: Quo vadis, Financial Services Industry? Part 1 - Superannuation (and vertical integration)
A contributor article by Paul Callaghan, General Counsel, Financial Services Council.
Protecting Your Superannuation Package
When Parliament passed the Protecting Your Superannuation Package in March this year, few argued with the intent of the legislation.
Collaboration is crucial for the future of reinsurance
To remain sustainable, reinsurers must engage with super fund trustees and insurers to align with the needs of members and policyholders.
THE HON CHRIS BOWEN, MP
Australia’s Shadow Treasurer, The Hon Chris Bowen, MP was the special guest at a recent FSC BT Political Series lunch event.
CEO OPED - Life Insurance Code of Practice
I write in response to Adele Ferguson’s article 'Self-regulation of life insurance is failing' (Australian Financial Review, Monday 1 April 2019).
Looking towards Code 2.0
Only 18 months after the introduction of the Life Insurance Code of Practice the industry is preparing for the version 2.0 of the Code, based on an analysis of results and also on more than 30 submissions.
Towards best practice direct selling
While there was is no place for the “hawking” of Life Insurance products from unwanted high-pressure sales, direct selling still has a key role in the industry if it is done ethically.
Optimism on Life Insurance
Australia’s Life Insurance industry was set for a “rocky” few years ahead, but consolidation and the arrival of new international players along with improved data management were pointing towards a brighter future.
In conversation with Dr Connie Henson, Founder and MD, Learning Quest
The science is clear. Performance at work, including strong thinking, problem-solving, good decision-making and ethical behaviour are enhanced when we feel safe.
In conversation with Harry New, Partner, Hall & Wilcox
The FSC recently welcomed Harry New to present an update on the RG 97 regime at a member briefing in Melbourne.
Procurement challenge for RegTechs
Australian RegTech companies are among the most advanced in the world, but they face challenges in having their solutions adopted by the large organisations largely because of inflexible procurement practices.
In conversation with Katherine Gobbi, Chief Executive Officer, EMLife
What influence do you think technology is having on the sector? And are you anticipating further disruption in a particular area of life insurance?
Corporate Collective Investment Vehicle (CCIV) Event Highlights
Ernst & Young hosted FSC members at a Regulatory and Tax Update on the latest draft of the Corporate Collective Investment Vehicle (CCIV) legislation on 20 February in Sydney and Melbourne. The briefing covered the key improvements in the legislation and the key issues that remain.
In conversation with John Myatt, Partner, TurksLegal
John is head of the Financial Services practice at TurksLegal and an expert in financial services law, with over 34 years specialising in the sector.
In conversation with Steven Rice, Special Counsel, Herbert Smith Freehills
The FSC recently welcomed Steven Rice to lead a discussion the recommendations from the Royal Commission Final Report at a member briefing in Melbourne.
In conversation with Janet Anderson, Chief Marketing Officer, Lapetus Solutions
Lapetus Solutions Inc is a science and technology growth company dedicated to creating products and services that will revolutionise the prediction of life events. By combining biodemography, dynamic questioning, and facial analytics, while harnessing the power of cloud computing, the company's scientific approach…
We need to declare war on wasted superannuation
If “lost” superannuation was tangible, the scene would resemble the wasteland of dead fish clogging our depleted Murray-Darling Basin.
Q&A with industry expert
A data and analytics conversation with RBC's I&TS solutions lead, Jamie Stevenson
CEO UPDATE - DECEMBER 2018
It’s been a year of significant challenge, disruption and reform right across the financial sector.
Investing with impact
The FSC’s last Under 35s Circuit event for 2018 brought together three female panel speakers to discuss entrepreneurship, technology, and the changing attitudes towards investment in Australia.
Countdown to Open Banking
Australia’s financial industry is preparing for the beginning of the new Open Banking regime which is set to begin on July 1, 2019.
New Payments Platform
Since its public launch in February, the New Payments Platform (NPP) has had 50 million connected accounts perform an average of over 400,000 daily transactions.
Franking credit refunds op-ed
Should the tax system penalise some share investors - low income earners, retirees and super funds - but not other share investors, including high income earners?
Life Insurance Code Update
The FSC released the draft of the new Life Insurance Code of Practice for public consultation at a launch event in Sydney on 12 November.
CEO UPDATE - NOVEMBER 2018
It’s been an incredibly challenging time for the entire financial services industry as we confront issues in every corner of our sector.
CEO UPDATE - NOVEMBER 2018
It’s been an incredibly challenging time for the entire financial services industry as we confront issues in every corner of our sector.
The Hon Stuart Robert, MP
Australia’s new Assistant Treasurer The Hon Stuart Robert, MP on superannuation, the ARFP and more.
AI and RPA gain momentum
Australian financial services providers are increasingly turning to Artificial Intelligence (AI) and Robotic Process Automation (RPA).
CEO Update - November 2018
An update on the release of the Royal Commission interim report, plus policy responses.
Update on Modern Slavery Act
By Abigail McGregor, Head of Business Ethics Anti-corruption Group, Norton Rose Fulbright Australia
Group Insurance update
After 1 July 2019, many people will call their superannuation fund to initiate life insurance claims only to discover – to their surprise and disappointment – that their coverage had been cancelled, a leading insurance executive has warned.
FASEA Update
At the FSC Summit 2018 panel providing an update of FASEA, former FASEA CEO Dr Deen Sanders OAM repeatedly encouraged the audience and panellists to focus on the overarching objective of the process, and not just on the logistics around further education for advisers.
Investing in Goodwill [video]
With reputations under siege across the financial services landscape, how does a business rebuild trust? It’s harder to do when trust didn’t necessarily exist in the first place.
MITs and Agricultural Land Submission
On 13 Augusts 2018, the Financial Services Council (FSC) made a submission on the second stage legislation relating to stapled structures contained in the exposure draft Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax and Other Measures) Bill 2018 and related explanatory materials.
Women Talk Money
ASIC’s MoneySmart is encouraging women to have regular money conversations #womentalkmoney
CEO Update - August 2018
I want to begin by thanking everyone who attended the FSC Summit in Melbourne last month.
The importance of culture
Culture is the heart of the problem for financial services: Justice Neville Owen QC. [PRESENTATION]
Robo Advice
The delivery of advice can be accelerated — and broadened to reach more people across Australia — through the use of digital platforms.
Impact Investing
The role of impact investing, or social impact or ethical investing, is growing around the world, with European asset owners taking the lead.
Productivity Commission
The audience at a Summit 2018 panel discussion on the Productivity Commission’s recent recommendations on superannuation and life insurance were divided in their views on the proposals.
Super will drive Passport
The increasingly global focus of superannuation investments will create demand for products created by Australian fund managers under the new Asia Region Funds Passport regime (ARFP), according to a leading fund manager.
Better nutrition for the elderly
As we concentrate on preventing elder financial abuse, the other side of the coin is improving the Quality of Life of the increasing number of Australians who are living longer. One of the ways we can do this is by making every food experience an opportunity to bring enjoyment and nourishment to our elders if they are…
Advice and the way forward
The FSC Summit 2018 session on the future of the advice industry was served to a packed room, and it was clear that the future looks uncertain as the royal commission continues its work.
Restore Trust
ASIC Chairman James Shipton addresses the delegates at the FSC's The Summit 2018.
Landmark year for Fin Serv
The significance of Australia’s $2.6 trillion dollar superannuation industry for the wellbeing of all Australians cannot be overstated
CEO Summit Address
A new data project designed to increase transparency and enhance consumer outcomes in life insurance was announced at the FSC Summit 2018.
Shadow Treasurer Address
'Best in Show’ could impact super competition: says The Hon Chris Bowen MP
Global regulation and trends
Australia is arriving late to the regulation agenda compared to other regions, where regulation has been in sharp focus for a decade. Being late to the process gives Australia a good understanding of regulation reform, and possible side effects.
Leading in innovation
Business aiming to disrupt an established sector should focus as much energy as possible in understanding exactly what its potential customers will need. Technology may be allowing for new ways of communicating, but helping a business listen to its clients is the most important thing it can do.
Disintermediation
As some of the big banks offload their advice businesses, a panel on disintermediation at the FSC Summit 2018 examined what the future might look like for the wealth management and superannuation industry.
What makes good CX?
We hosted a lively debate on why customer experience is so important in financial services.
WEAAD 2018
We are all getting older. There's no denying it. That's why World Elder Abuse Awareness Day is relevant to us all. And Elder Financial Abuse should worry us all. Which is why we ran a panel session on the topic on Friday 15 June.
CEO UPDATE JULY 2018
The tectonic shifts in our sector have thrown financial services onto the front pages day after day.
CEO UPDATE JULY 2018
The tectonic shifts in our sector have thrown financial services onto the front pages day after day.
Chant West Super Funds Awards 2018
The Chant West Super Funds Awards Gala was held in Sydney on 23 May 2018.
Update: FSC Guidance Notes
Update to Standard 1 - Code of Ethics and Code of Conduct have been made
CEO Update - May/June 2018
To risk stating the bleeding obvious, our sector is going through a critical and testing time. Not only with the Hayne Royal Commission, but with the tectonic shifts in ownership underway via a raft of mergers and acquisitions. Not to mention several years of increasing scrutiny, legislative and regulatory changes and…
Asia Region Funds Passport
Delegates from 8 nations gathered in Sydney on 27 April for an industry summit convened by the FSC
Labor's Policy Priorities
The Shadow Treasurer addresses Labor's Policy priorities at the BT Political Series event
Life Insurance eroding super
"Default life insurance 'eroding' super'." - The Hon Kelly O’Dwyer MP at the Life insurance Conference.
Trust Deficit
Members of the PJC say there is a 'trust deficit' between consumers and insurers.
Life Code: Are we there yet?
Nine months later, how is the Life Insurance Code of Practice tracking?
ESG Gains Ground
On 26 Feb, the FSC and the PRI co-hosted the first ESG in Credit Risk and Ratings Forum for members of the industry in Sydney.
An #IWD2018 Message to Women
It’s critical for women – and men – to gather in support of our shared goals of equity
New Payments Platform Arrives
The arrival of the New Payments Platform (NPP) will create ample opportunity for FSC members to create new products and services, be more efficient and realise cost savings.
The Year Ahead in Policy
The FSC held a policy briefing on 1 February to give members a taste of what they can expect.
Fund Managers Lift Their Game
Last July, we launched a new standard, “Principles of Internal Governance and Asset Stewardship".
FSC January and February News
Welcome back to FSC News for 2018. Here are some of the key focusses for the FSC.
Opportunity Knocks
The Royal Commission into the financial services industry should be seen as an opportunity.
FSC November and December News
The FSC has worked tirelessly on all policy and event fronts throughout 2017 and I’d like to congratulate my team on a job well done, and I know we are all looking forward to a well earned break.
Super system 2.0
A keynote address at the FSC’s inaugural Retirement Income Products Conference by Challenger Chair Jeremy Cooper revealed that the current superannuation system was “not up to task” and “designed with a lifespan of 75 years in mind”.
The importance of celebrating success
Dr Ferguson began the #CelebratingWomen campaign by accident.
New Payments Platform update
With the launch of the New Payments Platform in late 2017 the FSC's media manager, Mark Smith, sat down with Adrian Lovney, CEO of New Payments Platform Australia and Swift Commercial's Director, Securities, Oceania, Kees Middendorp to learn more.
Chinese asset managers visit
On 16 November the FSC, in partnership with Austrade, hosted a delegation of Chinese asset managers visiting Australia to learn more about our financial services industry and future opportunities for Chinese funds management companies.
Warm heart, cold eye
The Financial Services Council was proud to join with other industry leaders, education providers and social services professionals to explore practical solutions to inequality in Australian society at the Wayside Chapel’s inaugural Side by Side event in Sydney recently.
The power of three
Strength, accountability and competitiveness were the guiding principles the Federal Treasurer...
Cyber Security Readiness
On 24 October the FSC hosted Peter Salmon, Senior Director, Operations & Technology...
Opportunities abound in Asia
October saw the FSC lead its third funds management delegation to North Asia.
FSC October News
We’ve covered a lot of ground and delivered some great outcomes and events lately
Elder Financial Abuse
On Tuesday 26 September 2017, the Financial Services Council (FSC) hosted the FSC Elder Financial Abuse Roundtable in Sydney.
New data breach reporting laws
When the US credit-reporting agency Equifax recently announced...
Cyber security never expensive
Security breaches can take many forms and they’re ever-changing...
FSC News Update from CEO Sally Loane
Superannuation reform is well and truly in the spotlight again...
Naming money market funds
New guidance for permissible words in the naming of money market funds.
The Indigenous Estate
Can the private sector tackle issues in Indigenous health, education and employment?
Modern Slavery Act
Consultation paper released for proposed model for a Modern Slavery in Supply Chains Reporting...
Industry in firing line...
The financial services industry has a great story to tell consumers about the economic benefits it provides for Australia, but thanks to populism and social media, the message doesn’t seem to be getting through.
Scheme of last resort...
Despite being nine years since the idea was first floated, a compensation scheme of last resort for the retail financial services industry is still highly contentious.
Insights from future leaders
Aspirations of sitting in the corner office and taking the role of the CEO aren't necessarily the key motivators for millennials in the workplace, according to a panel of young achievers in the financial services sector.
One MyRetirement product...
Without doubt, Australia’s superannuation system is a world-leading accumulation system. But when it comes to managing the retirement phase of people’s lives, there are improvements to be made.
Turning to values for value
Australian investors are increasingly interested in the environmental, social and governance (ESG) standard of companies when it comes to constructing their portfolios suggested participants in a panel held as part of the Financial Services Council Leaders Summit in Sydney.
Bright future for Regtech...
The potential benefits of the young and developing regulation technology industry is immense, according to a panel at the FSC Leaders Summit in Sydney.
Labor wants regulatory change
At a time when the nation’s financial sector might be experiencing a degree of inquiry fatigue, Shadow Treasurer The Hon Chris Bowen MP has made it clear a vote for the Australian Labor Party at the next election is a vote for a Royal Commission into banks and the financial services industry.
Impact investing
Thousands of families were left in limbo after the spectacular collapse of childcare operator ABC Learning in 2009, but out of the ashes emerged one of the earliest success stories of impact investing in Australia.
Disruptors in Superannuation
It’s the biggest intergenerational transfer in history, but leading super funds could miss out to more targeted newcomers if they don’t learn to speak millennial – and fast.
Women managing money...
George Soros and Warren Buffet are most often named as role models for young recruits in financial services. But for young women entering the industry, female role models are few and far between. “76% of investment managers are white men, and most of those are private school educated” says Yolanda Beattie, Diversity…
Real money moves fintech...
According to Tom Durick from the CSIRO’s data innovation group Data 61, the hype cycle around fintech reached its height last year and probably entered the “trough of disillusion at the beginning of this year” but right now it’s on the rise again as we’re seeing it go “beyond the proof of concept”.
Millennials and Finance...
Millennials are now the world’s number one source of income, spending and wealth creation. But how well do we really know the generation born between the years of about 1980 and 2000? And are our services up to scratch for this enormous (and enormously crucial) demographic? Many of us are aware of their unprecedented…
Life Code & ASIC registration
The FSC is committed to considering ASIC approval of the Code for its second iteration.
Choice and competition
We wanted to get some independent research to add to the public debate – so we engaged the competition policy experts.
Life Code regime commences
The Life Insurance Code of Practice demonstrates the life insurance industry’s commitment to improving standards and strengthening consumer protections.
New Kids on the Block
When some new kids on the block – not a Windsor knot to be seen – enter the superannuation sector with some brazen new marketing, all on social media, it’s pretty arresting.
Fund managers for millennials
Australia’s housing affordability crisis and a new report revealing investors aged under 35 are more risk averse than their baby boomer counterparts could be giving clues about the next big trend in the investing habits of millennials - and it proves they can have their smashed avocado and eat it too!
Impact Investing in Australia
Impact investing is a unique and innovative method of both social service provision and investing – involving Government, investors and the not-for-profit sector working together for a dual purpose. The most pressing social and environmental issues cannot be solved by the public sector alone, hence the need for…
PC interim submission
The Productivity Commission’s (PC) interim report is an important step towards introducing genuine competition in the default superannuation market. The Financial Services Council (FSC) recognises the principle that competition policy is in the best interests of consumers is at the core of each of the four models…
PC must be alert to political interference in default super
The Productivity Commission’s (PC) interim report is an important step towards introducing genuine competition in the default superannuation market. The Financial Services Council (FSC) recognises the principle that competition policy is in the best interests of consumers is at the core of each of the four models…
Communique SMSF Association – Financial Services Council Women, Super and Wealth Summit
The SMSF Association (SMSFA) and Financial Services Council (FSC) were proud to host the Women, Super and Wealth Summit in Sydney today. The Summit brought together a range of thought leaders from across government and financial services, placing the spotlight back on the need to ensure that the gender gap in…
Transparency in Supply Chains
More than 45 million people around the world are trapped in some form of modern slavery, according to the 2016 Global Slavery Index. This staggering figure involves a range of exploitative practices including human trafficking, forced labour, wage exploitation, child labour and debt bondage. But how does this relate…
New FSC website update
Frequently Asked Questions (FAQS) about the new FSC website. We know the website is our most important brand touch point. It’s through this channel that we keep our members and our wider audience informed and up-to-date with news, insights and features. It’s important that you can easily access the information you…
Keeping you informed
The Financial Services Council (FSC) is a member-first organisation. We are here to help you provide all Australians with a fair and financially secure future.
Postcard from Japan
In January, Senior Policy Manager, Carla Hoorweg travelled to Japan as part of the JENESYS program. The JENESYS Programme (Japan-East Asia Network of Exchange for Students and Youths) is advanced by the Japanese government and aims to provide a sound foundation for strong solidarity within Asia through large-scale…
The fund taxation overhaul - a new world of opportunity?
An interview with Ka Sen Wong, Allen & Overy by Carla Hoorweg, Senior Policy Manager, Investment, Technology & Innovation, FSC
FSC DSS Consultation on social security treatment of retirement products
The FSC has strongly supported the Government’s policy to remove tax, social security and regulatory barriers to open the market for new retirement income stream products. These reforms have moved at glacial pace, however there have been major advances in the last twelve months that show that there is broad commitment…
FSC: ESG and fiduciary duty - where are we?
As Australia’s $2.7 trillion pool of managed fund capital grows, it is becoming increasingly more important to consider ESG factors. This is for several reasons; on the one hand there is increased scrutiny from consumers but it is also important in exercising fiduciary duty through improved risk management and a…
Life Insurance reform - Are we there yet? No.
We are grateful to Jim Boynton & Rohan Cush of leading law firm King & Wood Mallesons for their permission to use this article.
Cross-border flows up but tax policy keeping wind from the mainsails
Two things are clear from the latest Australian Investment Managers Cross-Border Flows report: demand for Australian investment products and expertise from overseas is up again; and removing the last of the taxation barriers could transform the growth ebb into a groundswell.
If You Don't Understand the Consumer, You Don't Have a Business
What are consumers worried about? What are they thinking about? What do they want?As the CEO of the Financial Services Council, obviously I have to understand what my members want and need across our portfolios of wealth, funds and asset management, life insurance, superannuation, financial advice networks and trustee…
Superstream's Gateway Network Governance Body
Since 2013 the superannuation industry has been working to implement the Data and Payment Standards (SuperStream). These standards are now the “business-as-usual” operating model for rollovers for all APRA-regulated funds and for contributions for all APRA-regulated funds, SMSFs and large employers. Small employers…
Company tax cut is the new Banana Republic test
Australia will be the winner if the mooted company tax cut is quickly passed by Parliament.
Impact of proroguing parliament on financial services reforms
The financial services industry has always been an 'issues rich' environment for our politicians and policy-makers, and this year has been no exception.
The time is ripe for a life insurance code
With major consultation activity underway across senior life insurance executives and consumer groups in the lead up to 1 July 2016, we interviewed Sarah Phillips, Financial Services Council Policy Consultant (Life Insurance) on the FSC’s critical work to help restore confidence in the life insurance
Building an Asia-wide fund market
The achievement of a broad Asia-Pacific free trade area may remain a far-off goal, but real progress is meanwhile underway in the funds industry. The Asia Region Funds Passport, an initiative of the Asia-Pacific Economic Cooperation forum, is set to commence next year, with final rules on eligibility and permitted…
The Point of Super (radio interview & post courtesy of Radio National)
Sally Loane recently appeared on Radio National to talk with Richard Aedy about the point of superannuation.
Managing Change in the Life Industry
John Trowbridge is calling for life insurance companies to create more innovative ways to interact with customers..
The Future of Super
It’s easy to miss the big picture when short-term fixes seem to offer solutions to the daunting challenges confronting Australia’s economy. In the scramble to plug Budget deficits, however, sometimes the pillars of our national wealth are taken for granted. Superannuation is one of those.
The FSC Life Insurance Conference 2016
I’m looking forward to our annual FSC Life Conference at the Four Seasons Sydney on 16 March - a content rich, one-day program which includes industry experts who will provide insights into the current and future issues that will shape the industry.
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