Regulation

Although it’s been a long time coming, for those stuck in legacy products it’s been worth the wait. Finally, they will have the opportunity to convert or exit these outdated products and secure more control over their retirement income.

A lengthy inquiry into the regulator has exposed a ‘toothless tiger’. Investors in the defunct Dixon Advisory, who are still waiting for compensation and criminal charges to be laid, would only agree.

Ahead of screenings of a new film about the 2021 GameStop short squeeze, Australians will see a warning about the risks and regulatory perils of social media and market manipulation, part of a new ASIC campaign aimed at preventing ‘dumb money’ losses.

The additional income allowance had been set to end in 2024, but the government wants to make it permanent, enabling older Australians to earn nearly $12,000 in annual work income without affecting their pensions.

The bill would require any future legislation affecting superannuation to comport with the objective of preserving savings “to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.

The regulator will target predatory lending practices and misconduct against small business, with a focus on scams, particularly where conduct hurts retirement outcomes. It’s also looking into how banks responds to customers in financial distress.

With Treasury currently considering amendments to provisions governing non-arm’s-length income and expenses (NALI/E), the SMSF Association and other professional bodies say the ATO should not rush a controversial tax determination about NALI and capital gains tax in SMSFs.

The Australian Taxation Office has extended its data collection to more rigorously check taxpayers’ numbers in their FY23 tax returns and cut down on tax cheats. Property investors and those making work-related claims are high on the target list.

The Financial Services Council commissioned the Retirement Income Policy Roadmap to help the superannuation system put greater emphasis on the drawdown phase. Industry leaders say the biggest hurdle is a deeply entrenched fear of running out of money.

While the firms agreed there’s an opportunity to review the regulatory oversight of consulting firms, they told a Senate inquiry they had no plans to voluntarily break up their businesses, despite claims of inherent conflicts of interest.

Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

Stakeholders have welcomed a recommendation from the Senate Economics Legislative Committee that the government review its controversial plan to limit franking credits stemming from capital raisings and share buybacks.