Financial System Inquiry – International Advisory Panel members announced [122]

The Treasurer has announced the appointment of 4 eminent business people to the International Advisory Panel to support the Financial System Inquiry. The panel members will provide an expert perspective to the Inquiry on aspects of the Terms of Reference including technological change, Australia’s global competitiveness and offshore regulatory frameworks. The new panel members include:…

Personal Property Securities Amendment Bill introduced – to minimise the need for registrations in respect of leases of a term of less than 12 months [119]

The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to amend the Personal Property Securities Act 2009 (the PPS Act) so that leases of serial numbered goods of 90 days or more will no longer be deemed to be PPS leases for the…

FOFA changes ‘paused’ by Senator Cormann [116]

Senator Cormann on Mon 24.3.2014, confirmed the Government remained committed to implementing its proposed FoFA changes “as soon as possible” noting the legislation before the House of Reps “will continue through the normal parliamentary process”. Senator Cormann also announced the implementation of the FoFA Regulations will be paused. “Now that the legislation has been referred…

FoFA amendments welcomed by FPA; SPAA positive on best interests duty amendments [115]

The Financial Planning Association of Australia (FPA) has welcomed the Government’s amended restrictions to the general advice exemption under FoFA. The FPA said it has consistently and clearly raised the issue of potential consumer risks – through its submissions to Government and in the public arena – particularly highlighting the general advice exemption and conflicted…