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Economics Committee to examine financial advice sector, then IFM Investors
The House of Representatives Standing Committee on Economics will hear from key industry bodies, as well as from a range of financial advice firms at a public hearing via videoconference on Thursday 29 July 2021, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.
The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account’.
‘Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or
Australia is heading back into recession
Our recession will be painful, protracted and political.
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It is more likely than not now that Australia is heading back into recession through the second half of the year. This will look and feel very different to last year’s downturn. It will be less dramatic, though more protracted. Indeed, the downturn may well extend into next year.
Underpinning these forecasts is an expectation that South Australia and Victoria emerge from lockdown soon, and that Greater Sydney follows in the next couple of months.
The household savings ratio is also still more than twice pre-pandemic lows (11.6 per cent versus 5.4 per cent), hence there is a lot of dry powder. Moreover, with Q3 GDP now set to be a weak print, it should be arithmetically straight-forward for an improvement in Q4, or so the story goes.
“ClearView followed the law and took the view was to do that so that we would not be in position where we would be forced to retrench people. That’s the view we took.”
Leigh said the question was not about following the law but rather if taking corporate welfare was in line with ClearView’s corporate social responsibilities when profits did not fall.
“We were able to maintain employment to make sure our profits didn’t fall and which means we are around to pay the claims in future as an organisation. Financial stability is obviously very important, there have been issues across the industry that you are aware of and that’s why we got to the position we got to,” Swanson said.
A Parliamentary Committee has found that the Hayne Royal Commission failed to adequately scrutinise industry superannuation fund structures and the Australian Prudential Regulation Authority has also fallen short, according to a Liberal member of that committee.