Australians will get a boost in retirement savings under super reforms

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Average working Australians would have thousands of dollars more in their retirement savings if bigger superannuation funds faced stronger competitive tensions, the Financial Services Council said yesterday. A new report released in the FSC’s submission to the Senate Economics Inquiry into the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 shows that increasing scale in super

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Statement from the Financial Services Council on the new Turnbull Ministry

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The Financial Services Council (FSC) welcomes the Turnbull government’s appointments of the Hon Scott Morrison as Treasurer and the Hon Kelly O’Dwyer as Assistant Treasurer. Both Ministers have significant policy experience that will provide Australia with much needed reform capability. “Australia needs both focused financial services reform in this Parliamentary term and a mandate for

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ChAFTA must pass Parliament during October sittings

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The Financial Services Council has set a deadline for the Parliament to show bipartisan support for the China-Australian Free Trade Agreement legislation by passing it during the October sittings. This follows the introduction of the enabling legislation by Trade Minister Andrew Robb. ChAFTA provides unprecedented access to the Chinese market and financial sector which is

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Consumers will have more protections under new super legislation

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The Financial Services Council (FSC) welcomes the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 which was introduced to Parliament today by the Assistant Treasurer, Josh Frydenberg. The Bill is part of a package of reforms designed to increase competition and raise standards of governance across the entire superannuation industry. Together these reforms will protect consumers

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FSC congratulates Malcolm Turnbull

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The Financial Services Council congratulates Malcolm Turnbull on becoming the new Prime Minister-designate of Australia. Sally Loane CEO of the FSC said: “Mr Turnbull brings a wealth of experience in business, financial services and politics which the nation needs at this time.” “We encourage the new government to focus on polices which can be achieved

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Japan to participate in Asia Region Funds Passport

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Last week’s announcement that Japan, Korea, New Zealand, the Philippines, Thailand and Australia intend to participate in the Asia Region Funds Passport (ARFP) will significantly boost the trade of managed funds within economies in Asia. Sally Loane, CEO of the Financial Services Council said: “The Asia Region Funds Passport will provide the regulatory framework and architecture

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Reform of ASIC is needed

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The Financial Services Council has welcomed the discussion paper on the proposed model for funding ASIC which was released by Assistant Treasurer, the Hon Josh Frydenberg MP. “Reform of ASIC’s mandate and funding arrangements is long overdue,” Sally Loane, CEO of the FSC said. “The FSC supports a model where ASIC can be provided with

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FSC supports better governance for superannuation funds

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The Financial Services Council welcomes the Assistant Treasurer’s announcement yesterday which clarifies how draft legislation will be amended to improve superannuation governance. Reform of the governance arrangements for all of Australia’s superannuation funds is part of an important package to raise standards and boost competition across the entire superannuation industry. The announcement confirms that an ‘independent chair’ can

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More competition in super needed to reduce fees

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Superannuation fees are too high. More competition is needed across the superannuation industry to reduce fees so Australians can have extra savings in retirement, the Financial Services Council said yesterday. The Assistant Treasurer announced on Friday that he was examining options to “generate the strongest possible competitive forces for the benefit of every superannuation fund

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FSC CEO calls for 12 per cent super by 2022

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The Financial Services Council CEO, Sally Loane will be calling for bipartisan commitment to 12 per cent superannuation contributions by 2022 in her keynote speech to the FSC Annual Conference on the Gold Coast. “With average balances still low – at $70,000 for women and $110,000 for men − and compulsory contribution rates paused at

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