Superannuation – Focus on savings, not tax: FSC

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The Financial Services Council has urged the Government not to tax Australia’s superannuation savings harder, but instead consider how best to deliver better retirement outcomes to Australia’s lower and middle income earners. In an effort to focus the national superannuation debate on maximising savings, not taxing them, the FSC has released PwC modelling which shows

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Statement from the Financial Services Council on Superannuation Governance Reform

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The Financial Services Council (FSC) looks forward to the continued discussion on the governance of superannuation funds. Every Australian deserves the best possible outcome in their superannuation and the highest standard of governance. The proposal for independent directors on the superannuation trustee boards is a moderate reform that will apply to all superannuation funds –

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Statement from the Financial Services Council on new APRA appointments

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The Financial Services Council (FSC) congratulates the appointments of Mrs Helen Rowell as the full-time Deputy Chair of APRA and Mr Geoff Summerhayes as a full-time member of APRA from 1 January 2016 announced last week by Treasurer, Scott Morrison. Sally Loane, CEO of the FSC said: “As APRA Member for Superannuation Helen Rowell has served

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FSC statement on superannuation governance reforms

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The Financial Services Council welcomes the debate taking place in the Senate over the proposed reforms that will require all superannuation trustees to have one third independent directors on their boards. The Senate has voted to consider proposed amendments to the legislation that were moved by Senator Ricky Muir. The Senator’s amendments make it clear that

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Foreign investment into Australia has doubled in five years: Financial Services Council/Perpetual report

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The 2015 Australian Investment Managers Cross-Border Flows Report by the Financial Services Council (FSC) and Perpetual has revealed foreign investment into Australia through managed investment trusts (MITs) has more than doubled from $20.3 billion at 1 January 2010 to an estimated $43.6 billion at 31 December 2014. While the increased investment has created more activity

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FSC Statement on the Government’s Response to the Financial System Inquiry

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Sally Loane, CEO of the FSC said: “The government’s recommendations for financial advice, life insurance and superannuation will lay a strong blueprint for future generations in the accumulation of wealth for their retirement. “These are critical reforms which will strengthen financial services and deliver positive outcomes for consumers.” Superannuation Ms Loane said: “We welcome the

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Time to discuss the unspoken – Elder Financial Abuse Symposium

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The Financial Services Council has brought together some of Australia’s leading industry and social services experts to discuss the public policy challenges and issues arising from the financial abuse of older Australians. Sally Loane, CEO of the FSC said: “As the intergenerational report released earlier this year has shown, we will all be living longer.

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FSC statement on new Shadow Cabinet appointments

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The Financial Services Council congratulates Dr Jim Chalmers on his promotion to the Shadow Cabinet as Spokesman for Superannuation and Financial services and assistant spokesman for trade and investment. Sally Loane CEO of the FSC said: “As former Labor Treasurer and Wayne Swan’s Chief of Staff, Mr Chalmers brings a wealth of experience in financial

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Australians support 12 per cent super contributions and are more willing to switch funds to get a better deal ̶ FSC/ING DIRECT Your Super Future report

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Eighty-eight per cent of Australian workers support our current superannuation system while 35 per cent say they are likely to change funds to get a better deal according to the 2015 FSC/ING DIRECT Your Super Future report. While the FSC/ING DIRECT report found that people have confidence in the superannuation system, 51 per cent believe

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TPP agreement another step in the right direction for financial services trade

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The Trans-Pacific Partnership Agreement finalised in Atlanta this week will provide a platform for multilateral trade with major economies in the Pacific Rim, according to the Financial Services Council. Sally Loane CEO of the FSC said: “The agreement is a positive step in the right direction for financial services trade as Australia transforms into a

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