Mortgage Business Financial Services Minister takes over CDR rule making By Annie Kane 04 March 2021
Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, has taken over from the ACCC as Consumer Data Right rule maker.
The Consumer Data Right (CDR), the regime which gives consumers greater access to, and control of, their data in a bid to help them compare and switch between products and services, has officially been handed over from the Australian Competition and Consumer Commission (ACCC) to the Treasury.
The rule-making function for the CDR – which currently only applies to banking – has now been passed to Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy.
However, when contacted by
Money Management, ASIC confirmed it most regularly pursued people on the basis of them either not holding an Australian Financial Services License (AFSL) or being authorised to operate under such a license.
The question of the restricted use of the term “financial adviser/planner” has come to the fore because of the controversy surrounding alleged fraudster, Melissa Caddick, who was passing herself off as a financial adviser without holding an AFSL or an authority.
It also came as veteran Sydney-based financial adviser, Ian MacRitchie, noted that he had been concerned by what he regarded as ASIC’s apparent inaction when sought to help a family friend who had been burned by an unlicensed financial adviser.
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Outsider has been hoping beyond hope that “Persevering Jane”, the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, was speaking tongue in cheek when she told the recent Association of Superannuation Funds of Australia conference that she was receiving good news from super fund boards and executives which did not line up with the bad news from industry organisations.
Persevering Jane told the conference: “Sometimes there’s a disconnect from what I heard from the funds and industry bodies. What I hear from chief executives and from boards and then there’s something completely different in newspapers – this is my greatest frustration”.
Home Affairs Minister Peter Dutton has sensationally revealed that he was tipped off about the alleged rape at Parliament House on February 11 by the AFP commissioner Reece Kershaw - 24 hours before news.com.au lodged questions on the incident. Mr Dutton, who is himself a former drug squad cop, told Parliament that he had also been given further briefings last week and again this week on how the case was progressing. The Prime Minister has consistently maintained that his office didn t know about the allegation until news.com.au contacted his media team for comment at 2:30pm on Friday, February 12.
Home Affairs Minister Peter Dutton has sensationally revealed that he was tipped off about the alleged rape at Parliament House on February 11 by the AFP commissioner Reece Kershaw - 24 hours before news.com.au lodged questions on the incident. Mr Dutton, who is himself a former drug squad cop, told Parliament that he had also been given further briefings last week and again this week on how the case was progressing. The Prime Minister has consistently maintained that his office didn t know about the allegation until news.com.au contacted his media team for comment at 2:30pm on Friday, February 12.