March 20, 2017 7:47 AM | Posted by Batten, Richard | Permalink
March 24, 2016 5:30 PM | Posted by Richard Batten and Justin Locke | Permalink
ASIC has made some important observations about conflicts management practices in the funds management sector which have broad relevance not confined to fund managers. read more
October 23, 2015 9:37 AM | Posted by Batten, Richard | Permalink
The release of the Government's response to the Murray Inquiry provides a roadmap for regulatory action affecting the sector over coming years and much needed certainty for industry. read more
October 20, 2015 8:29 AM | Posted by Batten, Richard | Permalink
The Government has released its response to the Financial System Inquiry's Final Report which includes specific measures which the Government plans to implement before the election and beyond. read more
July 30, 2015 4:15 PM | Posted by Pinar Ozer | Permalink
ASIC announced yesterday that it will now use its power to recover expenses and costs of its investigations.   read more
December 17, 2014 4:21 PM | Posted by Richard Batten | Permalink
Treasurer Joe Hockey and David Murray have released the final report of the Financial System Inquiry. In this short video, Richard Batten explains some of the elements of the report and its implications. read more
December 12, 2014 9:50 AM | Posted by Maged Girgis | Permalink
An interesting point highlighted the comments of the FSI Report was regarding auctioning default fund status. read more
December 11, 2014 5:12 PM | Posted by Richard Batten | Permalink
While we welcome the final report of the Financial Systems Inquiry and its recommendations, we are concerned that there is a risk of fragmentation or cherry picking if some elements are addressed and not others. read more
December 8, 2014 5:59 PM | Posted by Richard Batten, Stuart Johnson | Permalink
The Final Report of the Financial System Inquiry was released on the weekend. Here, we discuss key points arising from the Report and Mr Murray's speech to CEDA. read more
September 4, 2014 4:40 PM | Posted by Richard Batten | Permalink
The FSI Interim report discussed a broad range of issues affecting the industry, and gives serious consideration to the differing concerns of stakeholders. Our submission explores a number of questions raised by the report, and identifies other issues which we believe that the Inquiry should consider. read more
July 16, 2014 12:40 PM | Posted by Maged Girgis | Permalink
Importantly, the Inquiry's report questioned the role that both overregulation and inefficient regulation play in increasing the costs of superannuation. This is a significant question for not only those in the industry, but also the members who ultimately absorb the costs. read more
July 15, 2014 3:32 PM | Posted by Payne, Karen | Permalink

The Financial System Inquiry Interim Report (the Report) has identified taxation as one of three main sources of distortions which hamper the operation of price mechanisms that would otherwise promote an efficient allocation of funding and risk (the other two being regulation and market imperfections).

The Report is somewhat restrained in its comments on specific tax reforms, and defers to the Tax White Paper due out in 2015.  However it does make comment on the need to retain dividend imputation.  The Report suggests that the case for retaining dividend imputation is now less clear than it was in the past and may act as a subsidy to domestic equity. However, some tax distortions are intentional and by design and provide intended integity benefits, which will need to be considered and weighed against any potential adverse distortions.  These issues are sensible to defer to the Tax White Paper ...

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May 1, 2014 1:15 PM | Posted by Batten, Richard | Permalink

I attended a very interesting panel discussion on the Inquiry last night which covered a number of issues, including:

  • cost of superannuation and investment in infrastructure
  • responding to the GFC
  • addressing the cost of regulation.
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April 1, 2014 8:38 AM | Posted by Richard Batten, Tim Sutton, Thomas Ellicott | Permalink
The retail/wholesale client distinction is central to the current regulatory framework. Retail clients are afforded considerable additional conduct and disclosure protection. Reforming the retail/wholesale distinction has been on the regulatory agenda for some time, particularly in the wake of the GFC. read more
March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
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March 19, 2014 10:44 AM | Posted by Richard Batten, Tim Sutton | Permalink
The Financial System Inquiry will no doubt be forward looking. The Wallis and Campbell inquiries in the past went well beyond addressing the issues that existed at the time, in order to making recommendations which would underpin the policy settings in the decades ahead. Keeping this in mind, one of the key themes which appears to be high on the agenda, is funding the Australian economy. read more