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The Murray Inquiry’s Final Report strongly endorsed facilitating innovation in the financial services industry and technology neutral approach to regulation of financial services providers. The Report recommends the establishment of a permanent public–private sector collaborative committee, the ‘Innovation Collaboration’, to facilitate financial system innovation. This is similar to the ‘Innovation Hub’ initiative by the UK’s Financial Conduct Authority (FCA) established earlier this year, indicating that a close monitoring of UK developments will provide valuable insights…
ASIC proposes new Class Order on Fee and Cost Disclosure Australia’s peak corporate regulator has just released a proposed Class Order that may have an impact on the PDS (Product Disclosure Statements) of MySuper, choice super and managed investment products. Frustratingly, PDS will again need to be reviewed and if necessary, amended to comply with the new Class Order, when it is issued by the Australian Securities and Investments Commission (ASIC). The proposed Class Order…
There are three major issues life insurance companies and superannuation trustees need to consider regarding the Australian Treasury Department’s recent discussion paper on the review of retirement product regulation. First is whether the current regulations for annuity and pension products impede the development of new and innovative products. The second issue is if, and how, the tax concessions for retirement products should be extended to deferred lifetime annuities. Currently, deferred lifetime annuities do not enjoy…