The Financial Services Council (FSC) welcomes the reform package announced today by the Assistant Treasurer and the Financial Services Minister, The Hon Dr Daniel Mulino MP, which strengthens protections in the superannuation system for consumers while preserving Australians’ ability to exercise their choice of…
The Financial Services Council (FSC) today released its White Paper on the Future of Advice Licensing, concluding that Australia's financial advice licensing framework requires more proactive regulatory supervision to ensure it continues to protect consumers.
The Financial Services Council (FSC) acknowledges ASIC’s report released today on how platform trustees are monitoring risks to retirement savings. The FSC shares ASIC’s goal of uplifting and ensuring robust governance standards across the platform industry.
The Financial Services Council (FSC) has today released new research showing that empowering consumers to exercise choice over their superannuation, including with the support of personal financial advice, can significantly improve retirement outcomes.
The Financial Services Council (FSC) welcomes the Government’s announcement of further reforms to streamline Australia’s foreign investment framework following last week’s Federal Budget.
New FSC analysis demonstrates that the Government’s proposed capital gains tax (CGT) reforms could materially increase taxes on Australians investing outside superannuation, including younger Australians, families, part-time workers and Australians approaching retirement.
The Financial Services Council (FSC) has significant concerns over the Government’s plan to raise taxes on all Australian investors, across all asset classes, under the guise of increasing equity in the housing market.
The Financial Services Council (FSC) supports the options for refinement of the superannuation performance test released for consultation by the Government today that constitute targeted changes, but cautions against fundamental changes that would weaken consumer outcomes, and against expanding the test to products…
The Financial Services Council (FSC) has today released a new industry standard that will strengthen investment and adviser governance practices across superannuation platforms, enhancing consumer protections and providing greater consistency across the platform sector.
The Financial Services Council (FSC) has released new research highlighting the growing role of digital advice in improving access to financial guidance and supporting better retirement outcomes.
The Financial Services Council (FSC) today announces a new Deputy Chair, new Board appointments, and acknowledges the significant contribution of departing Director and outgoing Deputy Chair, Alexis George.
Data released today by the Financial Services Council (FSC) shows Australians choosing to switch to a superannuation platform from a default superannuation fund are typically older investors with higher balances, who have received professional financial advice, disproving recent claims made by the Super Members…
The Financial Services Council (FSC) welcomes the Government’s much anticipated consultation on implementing reforms to the education requirements for professional financial advisers, announced today by the Assistant Treasurer and Minister for Financial Services, Dr Daniel Mulino.
The Financial Services Council (FSC) welcomes the Government’s release of the voluntary retirement Best Practice Principles (the Principles), reinforcing that superannuation funds must actively engage members approaching and in retirement and that “a one-size-fits-all approach will not work”.
The Financial Services Council (FSC) welcomes ASIC’s consultation on the treatment of stamp duty under Regulatory Guide 97, (RG 97) disclosing fees and costs in PDSs and periodic statements.
The Financial Services Council (FSC) has called for the cost of the Compensation Scheme of Last Resort (CSLR) to be brought to sustainable levels following the announcement that the initial levy estimate for FY2027 is $137.5 million, an 82 per cent increase from the revised estimate for FY2026.
The superannuation industry continues to band together to fight against cyber criminals and scammers, affirming its commitment with two cross-industry forums that foster collaboration, share critical threat intelligence, and drive action to better protect consumers’ data and financial security.
The Financial Services Council (FSC) welcomes ASIC’s Advancing Australia’s Evolving Capital Markets Discussion Paper Response Report and its ongoing constructive engagement with industry on these significant issues.
The Financial Services Council welcomes the Government’s commitment to streamline the foreign investment framework, which will reduce unnecessary red tape for trusted institutions engaging in lower risk investment activity, while focusing scrutiny for higher-risk transactions.
The Financial Services Council (FSC) welcomes the Treasurer’s announcements today that the Government has revised its policy proposal in relation to taxing high superannuation balances and that it will also boost the low-income superannuation tax offset (LISTO).
The Financial Services Council (FSC) welcomes the introduction of the Payday Superannuation Bill to parliament today, which will ensure that Australians start earning returns on their retirement savings sooner, but also provides flexibility for employers to move to full compliance.
The Financial Services Council (FSC) welcomes the Government’s recognition of the industry’s work to promote best practice investment governance and increase consumer protections in the superannuation platforms sector.
The Financial Services Council (FSC) welcomes the findings in ASIC’s interim report on private credit in Australia, which highlights both the important role private capital plays in financing innovation and growth, and the need to strengthen industry practices.
The Financial Services Council (FSC) is pleased to announce the appointments of two senior industry leaders, Scott Hartley, Chief Executive Officer of Insignia Financial, and Daniel Shrimski, Managing Director of Vanguard Australia, as directors to the FSC Board.
The Financial Services Council (FSC) welcomes the Government’s consultations related to Best Practice Principles for Retirement and the Reporting Framework for Retirement Data. The two consultations are an important step forward in improving retirement outcomes for Australians, but the FSC urges the Government to…
The Financial Services Council (FSC) welcomes the careful and consultative approach the Assistant Treasurer Dr Daniel Mulino has taken with the Treasury consultation released today in considering how to exercise his discretion to impose a special levy to meet the significant funding shortfall in the costs of the…
The Financial Services Council (FSC) today releases a Green Paper examining the case for reforming Australia’s financial advice licensing framework to better protect consumers, support a diverse and professional advice sector, and ensure the regulatory model remains fit for purpose in a changing environment.
The Financial Services Council (FSC) has released new data that shows the full impact of the proposed superannuation tax on different age cohorts of Australians under four different scenarios.
The Financial Services Council (FSC) today releases a best practice framework showing how superannuation funds can strengthen their product, service and engagement offering across all stages of a customer’s life.
The Financial Services Council (FSC) congratulates the new Albanese Government Ministry on their appointments and to the new Assistant Treasurer and Financial Services Minister.
The FSC welcomes the 2025-26 ‘no surprises’ Federal Budget which reinforces stability and provides certainty for the financial services industry and its consumers on the eve of the federal election.
The Financial Services Council (FSC) welcomes the release of the Government’s exposure draft legislation covering part of the second tranche of the Delivering Better Financial Outcomes package.
Today, business and finance groups have come together to endorse Australia’s continued bipartisan commitment to the Paris Agreement goals and call for all levels of government to continue to support Australia’s transition to a clean, competitive, resilient and prosperous net zero economy.
The Financial Services Council (FSC) welcomes ASIC’s proposal that financial services businesses no longer need to report minor or technical breaches that do not cause financial loss to consumers under certain circumstances, but more needs to be done.
Australians overwhelmingly distrust the Albanese Government on superannuation taxes and are undecided on whether they can trust the Opposition, a new nationwide poll has found.
The Financial Services Council (FSC) welcomes the Government’s announcement that the Treasury will undertake a review into the Compensation Scheme of Last Resort (CSLR).
The Financial Services Council (FSC) extends its congratulations to the Assistant Treasurer and Financial Services Minister Stephen Jones following the announcement of his retirement.
The financial services industry is calling on both sides of politics to commit to an economic growth agenda, an evidence-based tax review, and to form a red tape razor gang responsible for slashing inefficient regulation to lift Australia out of its economic malaise.
The Financial Services Council (FSC) welcomes the Government’s policy announcement today on tranche two of its Delivering Better Financial Outcomes package.
The Financial Services Council (FSC) has released the results of its 2024 Women in Investment Management Survey.
The Financial Services Council (FSC) welcomes the Government’s response to the retirement phase consultation.
The Financial Services Council (FSC) welcomes the Government’s response to the payday superannuation consultation, which includes requiring employers to pay their employees superannuation at the same time as their salary and wages from 1 July 2026.
The Financial Services Council (FSC) congratulates the Government on the passage of its climate disclosure regime legislation in Parliament today.
The Financial Services Council (FSC) congratulates the Government for acting on its commitment to pay the Super Guarantee on Government paid parental leave from 1 July 2025, with legislation being introduced to Parliament today.
The number of Australians with complex financial advice needs will grow by 70 per cent in 25 years – from 4.3 million to 7.2 million, however regulatory design has favoured default settings and ignored Australian consumers requiring more complex and personalised financial advice.
The Financial Services Council (FSC) welcomes the Government’s amendments to remove the s99FA(1)(a) and (b) provisions in tranche 1 of its Delivering Better Financial Outcomes Bill.
The Financial Services Council (FSC) and its superannuation funds members are spearheading the fight against fraud and scams following the release of a Standard that aims to protect consumers from financial harm.
The Financial Services Council (FSC) welcomes the release of the Government’s Sustainable Finance Roadmap, which will provide greater confidence and certainty for investors managing climate-related investment risks and opportunities and in bringing sustainability-related investment products to market.
The Financial Services Council (FSC) welcomes the Government focusing on its long term plan for financial services and the investment community with its ‘no surprises’ Budget for the financial services sector.
The Financial Services Council (FSC) is pleased to announce the formation of the Digital Advice Expert Group.
The Financial Services Council (FSC) is pleased to announce the appointment of four new directors to the FSC Board, two sourced from our funds management membership, and two sourced from a new, expanded membership cohort of financial advice businesses.
The Financial Services Council (FSC) welcomes the Government progressing the climate-related financial disclosures regime with the Treasurer’s introduction into Parliament of the Treasury Laws Amendment (Financial Market Infrastructure and other measures) Bill.
The Joint Associations Working Group (JAWG) is calling on the Government to move swiftly to fix legislation introduced into the Parliament so that it doesn’t make advice more unaffordable and less accessible for consumers.
The Financial Services Council (FSC) notes the Government’s introduction of tranche one of its Delivering Better Financial Outcomes reform package on financial advice into Parliament today.
The Financial Services Council (FSC) welcomes the Government’s commitment to pay the Super Guarantee on Government paid parental leave from 1 July 2025.
The majority of Australians believe superannuation should be about preserving savings to deliver income for a dignified retirement, according to a national poll of more than 2500 people.
Australians want control over how they spend and enjoy their retirement and do not trust the Government to direct how their superannuation savings should be consumed, a new nation-wide poll has revealed.
New research released today by the Financial Services Council (FSC) has revealed that in less than a decade, almost a fifth of Australian households would be eligible to buy wholesale products without retail consumer protections, leaving them potentially vulnerable due to not properly understanding the associated…
The Financial Services Council (FSC) welcomes the Government’s comprehensive framework to deliver on its commitment to make financial advice more accessible and affordable for millions of Australians.
The Financial Services Council (FSC) has released the results of its 2023 Diversity Survey, highlighting the commitment of its global and domestic fund manager members to improve gender diversity within the investment management sector.
The Financial Services Council (FSC) notes the Government’s decision to consult on whether to reform the Your Future, Your Super performance test to avoid discouraging superannuation fund investment decisions away from investments that would strengthen the national economy.
New research released today by the Financial Services Council (FSC) shows that removing barriers for superannuation funds and fund managers to transition consumers to modern investment products would result in consumers retiring with cumulatively $16 billion more by 2050, lifting their collective retirement income by…
The Financial Services Council (FSC) is today pleased to launch the State of the Funds Management Industry Report prepared by KPMG, which lifts the lid on the regulatory and tax policy settings that are limiting Australia’s funds management industry becoming a major global financial services centre.
The Financial Services Councils of Australia and New Zealand are delighted to announce the Hon Peter Costello AC will headline the first ever Trans-Tasman Strategic Leaders Summit, being held on 4-6 March 2024 in Auckland.
The Financial Services Council (FSC) is pleased to announce responsibility for the Life Insurance Code of Practice (Life Code) will transition to the Council of Australian Life Insurers (CALI) effective, 29 September 2023.
The Financial Services Councils of Australia and New Zealand are delighted to announce the release of super early bird tickets for the first ever Trans-Tasman Strategic Leaders Summit, being held on 4-6 March 2024 in Auckland.
The Financial Services Council (FSC) announces the appointment of two senior industry leaders, Alexis George, Chief Executive Officer, AMP and Matt Rady, Chief Executive Officer of BT Financial Group, to the FSC Board.
The Financial Services Council (FSC) has welcomed the release of today’s Performance Test results for MySuper and Trustee Directed Products.
The Financial Services Council (FSC) welcomes the Government's announcement to strengthen the accessibility of retirement products to help Australians make the most of their superannuation savings as part of releasing the 2023 Intergenerational Report.
The Financial Services Council (FSC) welcomes important changes to financial services products, superannuation funds and life insurance policies that come into effect on 1 July 2023.
The Financial Services Council (FSC) today cautioned consumers to seek financial advice before acting on performance test notifications for superannuation products, as defective Government regulations risk failing to address methodological issues built into the test for the new class of trustee-directed products. [1]
The Financial Services Council (FSC) has welcomed the Government’s response to the Quality of Advice Review and its commitment to prioritise ‘Stream One’ of its reforms, which are designed to remove costly red tape imposed on financial advisers.
The Financial Services Council (FSC) is building on promoting best regulatory practice across the funds management industry in the interest of consumers with the release today of an updated template Target Market Determination (TMD) for funds management.
The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers.
The Financial Services Councils of Australia and New Zealand are pleased to announce the first ever Trans-Tasman Strategic Leaders Summit for the financial sector, to be held on 5-7 March 2024 in Auckland.
The Financial Services Council (FSC) is pleased to announce the appointment of Kelly Power, Chief Executive Officer of Colonial First State Superannuation, to the FSC Board.
The Financial Services Council (FSC) welcomes the disciplined Budget position, with spending constraint delivering a $4.2 billion surplus built on a solid domestic economy.
Today’s announcement by the Government to increase the frequency of superannuation guarantee payments to align with wage and salary cycles is a welcome outcome that will benefit Australian consumers.
New research released today by the Financial Services Council (FSC) shows policy reform focused on improving how Australians spend their superannuation savings would boost retirement incomes by 10 per cent each year, or by $397 billion by 2050.
The Financial Services Council (FSC) welcomes the Government’s release of the wide-ranging review undertaken by the Treasury of the Your Future, Your Super (YFYS) laws and its accompanying policy response.
The Financial Services Council (FSC) welcomes the Review of the Regulatory Framework for Managed Investment Schemes (MIS Review).
The Financial Services Council (FSC) welcomes the introduction of the Compensation Scheme of Last Resort (CSLR) and the Financial Accountability Regime (FAR) Legislation into Parliament today, reflecting the Government’s focus on finalising the remaining pieces of the Royal Commission into the Banking, Superannuation…
New analysis of ATO data from the Financial Services Council (FSC) today shows over 500,000 current taxpayers will be adversely impacted by the Government’s proposed 30 per cent tax rate on balances above $3 million.
The Financial Services Council (FSC) notes the certainty of today’s Government announcement to tax superannuation balances over $3 million but warns there are still important details to be resolved.
The Financial Services Council (FSC) welcomes the Federal Government prioritising public consultation on a proposed definition of the objective for the superannuation system.
The Quality of Advice Review’s final report released today by the Government lays a strong foundation to ensure many more Australians get the financial advice they need.
The Financial Services Council (FSC) has today released consumer research which found strong support for legislating an objective for superannuation, providing it focuses on delivering retirement income for all Australians.
The Financial Services Council has released an enforceable standard for handling group life insurance claims in superannuation.
The Financial Services Council welcomes the Federal Government consultation on a mandatory climate-related financial disclosure regime as well as the Government’s commitment to a Sustainable Finance Agenda.
The FSC has today released research that shows implementing the Quality of Advice Review’s proposals would help an additional two million retirees spend $22.5 billion more and leave $6 billion less in bequests annually by the year 2040.
Improving gender diversity in the funds management industry is a key focus for fund managers, the 2022 Financial Services Council (FSC) Diversity Survey has found.
The Financial Services Council (FSC) has today called for the implementation of the Quality of Advice Review proposals paper and flagged additional changes to ensure the cost of providing advice is reduced.
The 2022-2023 Federal Budget has delivered on the Government’s promise to implement its election commitments.
The Financial Services Council has today announced further consumer protections will be included in the new Life Insurance Code of Practice with the first life insurance industry-wide guidelines on family and domestic violence as well as new protections in the genetics moratorium.
New research released today by the Financial Services Council (FSC) shows the combined effect of simplification of comprehensive advice and the introduction of a scalable advice model for life insurance would see a million more Australians have the life insurance cover they need.
New research released by the Financial Services Council (FSC) demonstrates that proposed piecemeal increases to superannuation taxes will not deliver a sustainable Federal Budget position.
This article was published in the Australian newspaper, Tuesday, 20 September 2022
The Financial Services Council (FSC) welcomes the Quality of Advice Review consultation paper as it identifies a way forward to make quality advice accessible to more Australians.
The Financial Services Council (FSC) has outlined the importance of policy certainty for Australia’s investment community provided by the Government’s Climate Change Bill 2022 but says more needs to be done.
The Financial Services Council (FSC) and its fund management members are leading the transition to a lower emissions economy following the release of guidelines that will help combat climate change and greenwashing.
The Financial Services Council (FSC) announces the appointment of Renato Mota, Chief Executive Officer of Insignia Financial and Alison Telfer, Country Head for Asset Management Australia and New Zealand of UBS Asset Management, as directors to the FSC Board.
The Financial Services Council (FSC) welcomes the Government’s decision to pause the extension of the Your Future, Your Super (YFYS) performance test beyond MySuper products for 12 months, and to review the YFYS laws.
Millions of Australians can look forward to a brighter financial future in retirement with the superannuation system’s Retirement Income Covenant coming into effect tomorrow, 1 July 2022.
The Financial Services Council (FSC) and the life insurance industry have today published the new Life Insurance Code of Practice (the Life Code).
The Joint Associations Working Group (JAWG) has collaborated to lodge a submission to Treasury’s Quality of Advice Review calling for a more consumer-focused regulatory approach, reduced costs, and greater recognition of professional judgement.
The Morrison Government’s announcement to allow access to superannuation for first home buyers to fund a deposit will undermine the purpose of the superannuation system and could force up to 5.3 million young Australians to decide between owning a home or their retirement savings.
The Financial Services Council (FSC) has today released guidance to assist superannuation trustees and fund managers with divestment of Russian assets.
Following the completion of its executive search process, the Financial Services Council (FSC) Board has appointed Blake Briggs as Chief Executive Officer (CEO).
Tonight’s Federal Budget delivers important support for Australian retirees who are facing challenging increases in the cost of living.
The Financial Services Council (FSC) has welcomed the Government’s commitment to extend the 50 per cent reduction in the minimum draw down requirements for another financial year until 30 June 2023, as well as its pledge to not increase taxes on superannuation in the next parliament.
The Financial Services Council (FSC) has announced its policy priorities for the next parliament ahead of the Federal Election.
The Financial Services Council (FSC) supports the Federal Government’s expectation that the superannuation industry divests Russian assets as part of broader global economic sanctions to address the humanitarian crisis in Ukraine.
The FSC has today released findings of the genetic testing data collected by the life insurance industry to give Australian’s confidence that the FSC’s Moratorium on genetic test means they can access a level of life insurance cover and still participate in important genomic research.
The Financial Services Council (FSC) welcomes Nick Hamilton, Managing Director and Chief Executive Officer of Challenger Limited as a director to the FSC Board.
The Financial Services Council (FSC) welcomes the passage of legislation with bi-partisan support to implement a Corporate Collective Investment Vehicle (CCIV) and the Retirement Income Covenant.
The Financial Services Council (FSC) welcomes the release of a Senate Inquiry report confirming bipartisan support for the Corporate Collective Investment Vehicle (CCIV) and the Retirement Income Covenant.
The Financial Services Council (FSC) welcomes the Government’s announcement to regulate proxy advice, and supports the Government’s aim of ensuring that the provision of proxy advice to superannuation funds and fund managers is transparent and independent.
The release of the Australian Prudential Regulation Authority’s (APRA) heat maps for MySuper and ‘choice’ investment products today underscores the importance of ensuring consumers can access affordable financial advice that considers their investment and life insurance needs.
The Financial Services Council (FSC) today announces the appointment of Blake Briggs as Acting CEO of the FSC, as outgoing CEO Sally Loane steps down after seven years leading the financial services industry association.
The Financial Services Council (FSC) has released an enforceable Standard which will remove occupational exclusions and occupation based restrictive disability definitions in default life insurance cover in superannuation.
The Financial Services Council (FSC) welcomes Scott Hartley, CEO AMP Australian Wealth Management and Michelle Taylor, Chief Executive, People, Corporate Affairs and Strategy for Challenger Ltd as Directors to the FSC Board.
The Financial Services Council (FSC) welcomes the introduction of legislation today to implement the Corporate Collective Investment Vehicle (CCIV) and the Retirement Income Covenant.
The Financial Services Council (FSC) welcomes Nick Fels, Chief Executive Officer of Bell Asset Management Ltd as a Director to the FSC Board.
The Financial Services Council (FSC) Chief Executive Officer Sally Loane has announced that she will leave at the end of the year, after seven years at the helm of the policy and advocacy organisation.
The Financial Services Council (FSC) has today released the White Paper on Financial Advice, a blueprint for a simplified regulatory framework that could reduce the cost of providing financial advice by almost $2,000, or up to 37 per cent.
The Financial Services Council (FSC) has today announced it will be introducing an enforceable FSC Standard to prohibit the use of exclusions and restrictive disability definitions because a member is employed in a high-risk occupation.
The financial services industry is this week implementing one of the most significant and wide-ranging set of reforms ever for the sector.
The Financial Services Council (FSC) has urged the Government to amend the proposed Compensation Scheme of Last Resort (CSLR) to prevent the “moral hazard” of shifting costs onto companies and consumers who have done nothing wrong.
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