This episode of the Financial Services Online podcast discusses developments in the Australian financial services sector. Firstly, it discusses a recent dip in financial adviser numbers from the expected 15,500 by 2025, thereby affecting smaller firms and client access to financial guidance. It then covers Wilson Asset Management's proposed a new plan for superannuation tax, dubbed the Progressive Super Surcharge and Tax Offset, that targets super balances exceeding $3 million to potentially raise $2.43 billion in revenue. The podcast also shares concerns regarding complexities in the reverse mortgage market for older Australians, suggesting specialist brokers to provide customised support. Additionally, news from the Council of Australian Life Insurers announces a comprehensive review of the Life Insurance Code of Practice led by Peter Kell aimed to address key issues including handling of mental health claims, claims process appropriateness, and code enforceability.n
