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The Joint Associations Working Group (JAWG) says new laws that enable superannuation funds to deduct financial advice fees will have the opposite effect of reducing red tape and can make advice even more unaffordable.
The treasurer introduced a bill into Parliament yesterday that includes tougher regulation of financial market licensees and requirements for climate-related financial reporting.
When the Australian Parliament sits tomorrow for its first session of the year it will have three important financial services bills to consider – one making changes to the Reserve Bank, one introducing a national shared equity scheme and one expanding the Consumer Data Right.
Treasury has released long-awaited draft legislation to reduce administrative burdens of financial advisers but is missing key pieces, such as the elimination of the Best Interests Duty and the overhaul of the Statement of Advice (SoA).
After Punjab and Telangana, the Kerala government filed a writ petition in the Supreme Court over Governor Arif Mohammed Khan's refusal to give his nod to eight Bills.