FSC Statement on the Murray Report

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The Financial System Inquiry released on Sunday by the Government lays the foundation for a strong and efficient financial system for Australia. John Brogden, CEO of the Financial Services Council (FSC) said: “The FSC supports the emphasis on the need for greater competition and transparency in superannuation and for improvements to retirement incomes policy.” “The FSI

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Best of the best in Fintech innovation revealed in inaugural report

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A global report launched yesterday calls out the world’s ‘50 Best’ financial technology innovators. The report, ‘50 Best Fintech Innovators’ is the result of a collaboration between AWI, KPMG Australia and the Financial Services Council (FSC) to identify those companies most likely to succeed due to innovative use of technology and driving of disruption within the

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Reversal of FoFA regulations will cause havoc

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Disallowance of the Future of Financial Advice regulations will cause havoc for consumers and financial advice providers, the Financial Services Council said yesterday. John Brogden, FSC CEO said: “This disallowance motion will create a legal quagmire that will lead to disruption and unnecessary costs and will reduce affordability and accessibility of financial advice.” “Overturning the

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Financial Services is now Australia’s largest industry

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It’s official: New South Wales is now the fastest growing state in Australia. This is due to a booming growth in financial services which accounts for 11.5 per cent of the NSW Gross State Product (GSP). The same applies in Victoria where financial services accounts for 10.4 per cent of GSP. These statistics have been

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Sally Loane will be the new CEO of the Financial Services Council

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Sally Loane has been appointed CEO of the Financial Services Council effective 8 December. She replaces John Brogden who will assume the role of CEO of the AICD in January 2015. Sally was a broadcaster and journalist before entering the corporate sector.  For the past eight years she has been director of media and public

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FSC strongly supports enhanced public register of financial advisers

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The Financial Services Council strongly supports the Register of Financial Advisers announced last week by the Government. The register has significantly expanded the initial proposal to include details on financial advisers and their employers which has not previously been available. John Brogden, CEO of the FSC said: “The Government is delivering on its commitment to increase information to

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John Trowbridge to chair FSC-AFA life insurance working group

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Former APRA Member, Mr John Trowbridge, has been appointed independent chairman of the Life Insurance and Advice Working Group established by the Association of Financial Advisers (AFA) and the Financial Services Council (FSC). The working group will address issues such as the quality of advice, product design and remuneration structures which were raised in ASIC’s Review

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Industry joins forces to address insurance issues

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Industry associations representing advice and life insurance will form a working group to address the issues raised by the ASIC report into life insurance released yesterday. The Association of Financial Advisers (AFA) and the Financial Services Council (FSC) will jointly convene a working group to specifically address retail life insurance product structures and distribution practices.

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Independent Statutory Advice Board is essential to regain trust

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The Financial Services Council is advocating for the establishment of a statutory, independent, Advice Competency Standards Board (ACSB) for financial advisers to rebuild the trust of consumers in financial advice, John Brogden, CEO of the FSC said yesterday. “The advice industry needs an external, independent governing body,” Mr Brogden said. “The best way to regain trust is

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Super guarantee delay will mean $128 billion less in savings for working Australians

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The Financial Services Council has calculated that working Australians will have $128 billion less in their superannuation savings by 2025 due to the delay of 12 per cent superannuation guarantee charge for seven years. This follows the government’s revised schedule for the SGC to enable the repeal of the Mining Resources Rent Tax. John Brogden,

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