POWERED BY MOMENTUM MEDIA
Labor promises financial services regulatory review
The Federal Opposition has flagged a make-over of Australia’s financial services regulatory regime in the event that it gains office at the next Federal Election.
The Opposition’s intentions were revealed by the Shadow Treasurer, Chris Bowen at the Financial Services Council (FSC) Leaders Summit in Sydney where he said such a make-over would be generated out of a Royal Commission into the banking and financial services industry.
He said the Opposition remained committed to holding a Royal Commission in circumstances where no one could argue with the impact of the industry misbehaviour that had occurred in recent years and the trauma and distress which had been inflicted on families.
“There are compelling reasons for a thorough review of the financial services regulatory system in Australia,” Bowen said.
He said Labor’s review of the regulatory settings would examine what currently existed and what was needed to improve the current regime.
Bowen acknowledged that the Financial Systems Inquiry (FSI) had not recommended changes to the financial services regulatory settings but claimed much had changed since then.
“The time is right to review financial services regulatory architecture,” he said.
Bowen said the factors leading to that analysis were higher household debt, the ad hoc nature of recent regulatory changes and the rapid development of financial services technology.
“The system must be fit for purpose,” he said
Recommended for you
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
