In recent months there has been a lot of commentary – and regulatory exhortation – in the superannuation sector suggesting that a wave of fund mergers is imminent.
The proposed changes now appear to strike a more reasonable balance for the industry.
The Consumer Data Right Bill was introduced into parliament this morning by the Treasurer. This should see current timelines observed for approval/implementation of Open Banking. Ian Pollari, Head of Banking…
The winds of change are blowing in superannuation: renewed emphasis on governance, culture and accountability
Regardless of how, and in what form, the Report’s recommendations are implemented, they will undoubtedly have a significant impact on the structure of the superannuation industry for many years to come.
The ongoing pressures on the financial advice industry don’t seem like letting up anytime soon, with a need to continue to focus on providing quality advice for clients while also finding ways to ensure advice businesses remain profitable under increasing cost pressures.
Doing more of the same unlikely to make a substantial difference to regaining trust after the Royal Commission
The question of how financial services organisations can restore trust post the Hayne Royal Commission’s Final Report is not an easy one to answer. There are no silver bullets.
“Getting culture and conduct right is not a supervisory requirement. It is necessary for banks’ and banking’s economic and social sustainability”* With the release of the Hayne Royal Commission’s Final…
The Royal Commission has provided a blueprint for raising the bar on the design, implementation and oversight of remuneration that will have impact beyond just financial services firms.
Senior management across the financial services sector are to be held to account in an enhanced supervisory regime to be overseen by both APRA and ASIC.
The Commission’s work has four clear observations: the connection between conduct and reward; the asymmetry of power and information between financial services entities and their customers; the effect of conflicts between duty and interest; and holding entities to account.