Sinodinos hits back at ISA legal comments
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."
ASIC auditing general/personal advice divide
ASIC is deliberating on how to treat advice in its new role as the primary condu...
BetaShares launches India ETF to market
Fund manager BetaShares has launched a new ETF that will give investors access t...
Annuities added to HUB24 platform
Advisers will be able to access a new set of annuities through the HUB24 platfor...