In this edition

With the end of the year fast approaching, in this edition we take a look at the new professional standards for financial planners, and reforms which are being phased in from 1 January 2019. We discuss the implications for funds providing financial advice and what IFS is doing to ensure all planners are FASEA-ready.

A new report on unpaid super was released by Industry Super Australia (ISA) recently which shows the problem is getting worse with 2.98 million Australians being short-changed $5.9 billion in super entitlements in 2015-16 - an increase of 220,000 employees and $300 million compared to two years earlier.

We thought it timely in this edition to tell you more about the work of the IFS Unpaid Super team and remind funds of the important work we can do together to address the problem.

We’re also pleased to tell you about a donation we presented to Fitted for Work last month. For almost 25 years IFS has refused to accept commissions from financial product providers. Where practical, commissions paid are rebated to clients. However, each year there are some commissions that we are unable to rebate, and these are donated to charity.

Fitted for Work is an organisation dedicated to assisting women experiencing disadvantage to get back into paid employment and is therefore strongly aligned with IFS’s concern about the super gender gap. We hope you’ll help spread the word about this worthy cause that helps women strive for a secure retirement.

That’s all for this edition. Please get in touch if you’d like to discuss any of the issues featured here.

Wishing you all a happy and safe festive season.

Cath Bowtell
IFS Chief Executive