Welcome to Issue 69 of the FSC Policy Update. 2023 will be a significant year for the financial services industry, with the new Government finding its feet and likely progressing a significant reform agenda across financial services.
Key reviews and regulatory changes underway at the start of the year include the Government's release and response to the Quality of Advice Review final report, its Manage Investment Schemes review, and the finalisation and implementation of the 'Your Future, Your Super' review. The Government will also likely look to address policies that had not been finalised at the end of 2022, including the Financial Executive Accountability Regime and the Compensation Scheme of Last Resort.
The Minister is also beginning to build out an ambitious agenda in superannuation policy, including legislating the objective of the system and considering potential tax changes, as well as responding to pressures to review group life insurance policy parameters and strengthen the retirement income framework.
The FSC will continue to be at the forefront of these policy debates on behalf of members and has a detailed research agenda planned for the new year, supported by Board Committee and Working Group input.
The FSC will also play its important role creating linkages between the industry and regulators and policymakers, and disseminating key information to help you and your businesses stay connected and on top of the fast-moving regulatory environment.
