Thu, 1st Aug 2024

In this episode, Paige Estritori presents the Financial Services News Wrap, covering key updates in the financial sector. The Australian Securities and Investments Commission (ASIC) imposes new compliance programs that validate financial advisor qualifications. By 2026, advisors should meet ASIC's specified qualifications criteria or face penalties. The Financial Services Council introduces FSC Standard No. 29, enhancing safety in the superannuation sector, with full compliance needed by 2026. Reforms by Colonial First State, Insignia Financial and AMP Limited are lauded. Suncorp Group increases its reinsurance protection limit to $6.75 billion, strengthening risk resilience. Lastly, the Australian Financial Complaints Authority upholds consumer rights by directing Insurance Manufacturers of Australia to compensate a claimant for a car theft claim. Tune in daily for financial updates and visit financialservicesonline.com.au for more information.n