Challenger Care Annuity sales suspendedBY JAMES FERNYHOUGH | FRIDAY, 28 NOV 2014 4:35PMChallenger has suspended sales of its Care Annuity product and will pursue legal avenues after the government announced it would reassess the social security treatment of investors in the annuity. Related News |
Editor's Choice
ASIC cancels AFSL of Australian Fiduciaries
ASIC has cancelled the Australian financial services licence (AFSL) of Queensland-based Australian Fiduciaries, which is currently in liquidation.
Treasury expects regulators to do the heavy lifting
Treasury has released new Statements of Expectations for APRA and ASIC, with an emphasis on how the regulators should promote a more sustainable and secured financial ecosystem.
NGS Super names head of strategy
NGS Super has appointed a former ASFA committe member as head of strategy, as the fund aims to strengthen its retirement offering.
SS&C axes jobs, shifts roles offshore
US software services giant SS&C Technologies has slashed 170 Australian roles in the operations, technology and delivery teams.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
That is EXTREMELY poor form by the DSS - to make a ruling on a product, that is then launched and sold and then decide to reverse their decision in order to reduce their payments to those in Aged Care. A blatant and morally corrupt money grab at our most vulnerable. If the Government want to make changes to Social Security, they should propose them ahead of time (like the changes to AP income assessment from 1st January 2015), NOT look through previous rulings to reverse immediately without ruling to save some money and not even allow grandfathering for those who are already in product - entered into it in good faith.
"The Department of Social Services is working with Challenger to ensure that investors are appropriately informed by Centrelink about this reassessment prior to any changes taking effect."
That's like informing a person who is about to be run over by a car, that it hurts...!!
What good does that do for anyone, the driver, or the pedestrian?
Yep, nothing.
Various governments have changed their mind on how to assess various types of income streams probably 5-6 times over the last 10 years. Absolutely disgraceful. Basically no-one can plan their retirement properly because the govt backflips every 2-3 years.