Assistant Treasurer Arthur Sinodinos has issued a statement setting “the facts straight” about FOFA and responding to Industry Super Australia’s comments about increasing "risk of litigation".
In a statement released today, Senator Sinodinos responded to the statement issued by the ISA this morning in which the industry superannuation sector lobbyist said it had obtained advice suggesting amendments made via regulation rather than legislation may be deemed invalid by the courts.
"As foreshadowed publicly in 2013, the Government will make regulations to give effect to its FOFA amendments, to the extent legally possible, to provide certainty to industry prior to the legislation being passed by the Parliament," the assistant treasurer said.
"It has always been the case that the regulations will be backed by legislation. This legislation will be introduced into Parliament in the coming weeks.
"In relation to the legal advice obtained by Industry Super Australia, all Commonwealth legislation can be legally challenged and that is ultimately a matter for the courts.
"The Government does not intend to speculate on hypothetical court challenges to the regulations."
MLC Life has appointed the former CFO of AMP Bank as its new deputy CFO as it sees a period of “significant change” for the industry ahead. ...
Mayfair 101 founder James Mawhinney has been restrained from a number of activities following a Federal Court ruling. ...
One of Australia’s largest licensees says it is facing a crisis as risk advisers exit the industry, with its annual life insurance new business drop...
Get notifications in real time and stay up to date with content that matters to you.
