O’Dwyer sets out role as Minister for Financial Services

Kelly O’Dwyer, Minister for Revenue and Financial Services, responsibilities, reshuffle, superannuationKelly O’Dwyer has set out the responsibilities of the, newly-titled, position of Minister for Revenue and Financial Services.

In the post-election ministerial reshuffle Kelly O’Dwyer lost responsibility for small business and her position as Assistant Treasurer was renamed Minister for Revenue and Financial Services.

“I am responsible for financial sector policy, including the financial advice sector; funds management; corporate trustees; and life insurance. I will also maintain my responsibility for corporate law and regulations and general insurance,” Minister O’Dwyer told the Financial Services Council Leaders’ Summit.

“The Treasurer and I will be working on banking policy and the development of our superannuation legislation, including undertaking consultation with stakeholders on our measures before they are presented to the Parliament.”

“I will continue to be the Minister with oversight of ASIC.”

“A number of issues that are on my desk at the moment for action include ASIC funding and putting in place recommendations from the ASIC Capability Review; professional standards for financial advisers; implementing recommendations from the Financial System Inquiry; Client Money reforms; and the Asian Region Funds Passport and the Collective Investment Vehicle regime.”

O’Dwyer noted that this was not a full description of the role of Minister for Financial Services, and doesn’t include the responsibilities as Minister for Revenue.

In terms of superannuation policy Kelly O’Dwyer pointed to setting an objective for superannuation in legislation, as recommended by the Financial System Inquiry.

“In the Budget we announced that we will enshrine in legislation, for the very first time, the objective of the superannuation system.”

“Having a clear, agreed objective will provide greater long-term confidence and policy stability, as well as a yardstick for assessing proposals for policy change.”

However it appears that the Coalition and Labor have yet to reach bipartisan agreement on the objective.

The Shadow Cabinet has also been reshuffled, with superannuation dropped from ministerial titles.

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