News : Regulation

Compliance, Regulation

SMSFA backs new disciplinary body

advisers disciplinary body

The government’s plans to form a single disciplinary body for financial advisers as an initiative to help streamline the advice sector has been welcomed by the SMSF Association.

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FASEA, Regulation

Opposition slams FASEA as failure

FASEA failure

Labor’s Stephen Jones has said the government’s claim it has regained authority over the functions of FASEA is evidence of its failure and the policies that created it.

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FASEA, Regulation

Govt reclaims authority with FASEA move

Government FASEA transfer

The transfer of the FASEA regime back under government control represents the restoration of parliamentary authority, a senior minister has said.

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Financial Planning, Regulation

Advice regulations decades out of date

financial advice regulations

The regulations for financial advice are based on products and issues from 20 years ago which has driven up the current cost and complexity of advice for consumers.

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Financial Planning, Regulation

FPA calls for further adviser rego changes

FPA financial registration

The FPA has welcomed the government’s proposal for a single disciplinary body, but has called for improvements to financial planner registration.

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Regulation

Residency rules made simpler

SMSF residency rules

Changes to the residency rules for SMSFs, including the scrapping of the active member test, are expected to significantly simplify the superannuation system

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Regulation, Retirement

Work test to go in mid-2022

work test contributions

The work test on non-concessional contributions will cease from mid-2022 as the government seeks to boost the retirement savings of older Australians.

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Regulation, Superannuation

Indexation will not move all caps

indexation changes caps

Indexation changes from 1 July will not move all caps upwards, with some remaining fixed as a result of legislation binding them to current levels.

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Regulation, Superannuation

TBC indexation changes not universal

TBC indexation SMSFs

General TBC indexation will lead to more complexity for some, but not all, SMSFs and advisers need to be aware of where it will apply.

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Compliance, Regulation

AFCA review boundaries defined

AFCA review

The terms of reference for the review of the Australian Financial Complaints Authority have been defined with a focus on the effectiveness of the dispute resolution body.

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