Spousal rollover measure for super fund members needed

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The SMSF Association is urging the introduction of a spousal rollover measure for superannuation fund members that would allow individuals with higher superannuation balances to rollover a portion of their superannuation balance to their spouse to help even out balances. In its 2019-20 Budget submission, the Association says the gender retirement gap is an ongoing […]

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2019 Peter Corrigan Scholarship for Innovation and Leadership winner announced

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The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and Finity Consulting are pleased to announce the winner of the 2019 Peter Corrigan Scholarship for Innovation and Leadership. Michael Gregory, Manager, Portfolio Planning at Suncorp has been awarded the 2019 Peter Corrigan scholarship for a video submission outlining his innovative, data-driven approach to CTP insurance […]

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FASEA releases code of ethics standard

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FASEA has released the legislative instrument and explanatory statement for the Code of Ethics standard. The legislative instrument was informed through consultation received in 18 submissions during the final consultation period for this standard in November and December 2018. Following this consultation, FASEA has clarified aspects of the Code, including the values underlying the Code, […]

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AFA responds to Royal Commission recommendations

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The Association of Financial Advisers (AFA) recognises the importance of the Royal Commission process and the primary focus upon the delivery of improved consumer outcomes, however objects to a number of the key recommendations relating to financial advice. AFA Chief Executive Officer, Philip Kewin, said that while restoring trust has been an overriding theme for […]

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Royal Commission lays groundwork to improve financial advice: SMSF Association

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The final report of the Financial Services Royal Commission has detailed critical reforms that should lay the groundwork for a more professional and trusted financial advice sector, says SMSF Association CEO John Maroney. “Justice Kenneth Hayne has identified some significant areas for reform to ensure that not only do Australians consumers get better-quality financial advice, […]

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Royal Commission highlights importance of individual accountability

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The Board of The Banking and Finance Oath (The BFO) welcomes Commissioner Hayne’s focus on honesty and individual accountability in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. In the Report, Commissioner Hayne emphasises the need for institutions and staff in the financial services industry to […]

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Actuaries Institute welcomes final Royal Commission report

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The Actuaries Institute welcomes the final report from the Royal Commission into Australia’s banking, superannuation and financial services sectors. The Royal Commission, which received more than 10,000 submissions, has revealed significant problems that must be addressed across banking, insurance and superannuation. “The Institute fully supports the cultural change that has been advocated by the Royal […]

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FASEA releases final examination standard

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FASEA has released the legislative instrument and explanatory statement for its Examination standard. The legislative instrument was informed through consultation received in 26 submissions during the legislative instrument final consultation process for this standard in December 2018 and January 2019. Under the final standard, FASEA has reduced the reading time for the exam to 15 […]

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FINSIA’s first response to Royal Commission

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FINSIA CEO Chris Whitehead said “While it will be some time for all the ramifications of the Royal Commission recommendations to filter through, FINSIA is committed to helping implement reform in a timely and effective manner. “It is clear he has concluded the core issues are: Cultural reform Stronger enforcement Eliminating conflicted remuneration models “We recognise there will be significant […]

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More consumer safeguards for LRBAs urged

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The SMSF Association remains steadfast in its opposition to any “outright ban” of Limited Recourse Borrowings Arrangements (LRBAs). In its nine-page submission to Treasury for the Council of Financial Regulators’ review of LRBAs, the Association says it does not believe “LRBAs are creating systemic risk in the SMSF sector or broader superannuation sector and that […]

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