Industry battles over early super release

The superannuation industry is deeply divided over whether the government’s decision to change the super early release rules is really in the interest of the super fund members. The measure allows Australians to apply via myGov for access of up…

Register to avert elder financial abuse

Federal and state governments have established power of attorney reforms as a further step to prevent financial elder abuse. The Council of Attorneys General has agreed to implement a mandatory national online register of enduring power of attorney documents and…

MySuper heatmap to be extended to Choice products

The prudential regulator’s announcement of a superannuation performance heatmap is causing a stir, especially the issue of its extension to Choice products. The Australian Prudential Regulation Authority (APRA) has confirmed its plans to publish a heatmap of over a hundred…

Call to action on elder financial abuse

The Financial Services Council (FSC) is calling on financial service providers to implement policies and procedures to prevent elder financial abuse. The FSC has launched a guide for non-banking financial services to identify, address and prevent the financial abuse of…

FSC extends Life Code consultation

The Financial Services Council has extended the consultation period for its revised Life Insurance Code of Practice to January 31, saying a number of submissions are still being finalised. The FSC has re-written the Code it introduced in 2016, which…