Sat, 25th May 2024

In this episode of Financial Services Online, Paige Estritori discusses the highlights of the financial services sector this week. First is an update from ASIC on how AI use does not exempt firms from regulatory responsibilities, emphasizing the limitations of AI in detecting misconduct or analyzing data. Consumer sentiment surveys by Westpac and NAB show most Australians plan to save, not spend, their upcoming Stage 3 tax cuts due to increasing living costs. The Insurance Council of Australia addresses rising insurance costs by seeking government partnership and initiating a taskforce. Finally, the $3 million superannuation tax cap policy faces mixed views in the Senate with criticism from the Greens and Independent Allegra Spender. Tune in for insights on finance, insurance, and money management.n