Australian Banking Association

The days of the foreign letter promising an easy $20 million are long gone. Today, cyber criminals are highly sophisticated, and everyone needs to be on their guard – especially retirees.

To fill Australia’s financial advice gap and empower better financial and retirement outcomes for millions, the government’s plan will create a “new class of advisers” from the institutional ranks to provide simple advice to customers. Industry groups have applauded the move.

The banking industry’s Scam-Safe Accord aims to “put scammers out of business” through six coordinated initiatives, including name and biometric checks. It’s a good first step for protecting older Australians, who are disproportionately affected by scams, an advocacy group says.

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.