The Federal Treasurer, Josh Frydenberg has said the Government will take action on all 76 recommendations contained in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Included in the moves will be the real of grandfathered conflicted remuneration as soon as reasonably practicable, with the Government accepting a timetable for removal of 1 January, 2021.
The Government has also signalled further moving on life risk commissions with the Royal Commission stating the cap should ultimately be reduced to zero.
In doing so, the Treasurer said the Government would be implementing a compensation scheme of last resort and that his message to the financial sector was that misconduct must and that consumers must come first.
As well, Frydenberg said the Government would be clarifying the roles of the financial services regulators with the Australian Securities and Investments Commission becoming the primary conduct regulator.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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