With the 2022 election having been called on the weekend, the campaign period will see the FSC take stock in preparation for the outcome.

The election confirms that parliament will not progress legislation on foreign financial service providers, nor pass legislation to implement the compensation scheme of last resort and financial accountability regime.

It has also confirmed we will not yet have the opportunity to comment on exposure draft regulations to facilitate the performance test for trustee directed products, or see a public consultation on product modernisation.

Through the campaign period the FSC policy team will be focusing on how best to ensure these important issues are managed by the next parliament, including whether changes would be appropriate prior to implementation.

We will also be ramping up our work on the Life Insurance Framework and Quality of Advice Review.

Finally, I would like to thank all the members involved with developing guidance for divesting Russian assets, an important initiative to ensure how industry works and operates is clearly understood.

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