Update from FSC CEO, Sally Loane
It's been a year of significant challenge, disruption and reform right across the financial sector. Commissioner Hayne is now completing the final report of the watershed Banking and Financial Services Royal Commission. We will receive the report by 1 February and make a swift and comprehensive response to help rebuild Australians’ trust in financial services. We are currently undertaking a comprehensive review of what is expected in the Hayne report and developing proactive policy reforms to some of the most challenging issues of conflicts across advice, superannuation and life insurance.
On the reform agenda, 2018 was a difficult year as the government continued to wrangle with its legislative agenda in the parliament. In 2019, we will further prosecute the case for necessary reform to superannuation, including the priority of policies to help women’s financial futures, ‘early intervention’ treatment models in life insurance, the value of advice as a profession and the finalisation of taxation arrangements for the Asia Region Funds Passport.
Despite the headwinds of 2018, the FSC continued to play an important role as champion of emerging and ongoing issues for our membership. We held almost 40 events attracting more than 3,000 people - including our first-ever public consultations on the next iteration of the Life Insurance Code of Practice - as well as some lively conversations with both Assistant Treasurer, The Hon Stuart Robert, MP and Shadow Treasurer, The Hon Chris Bowen, MP at our must-attend BT Political Series breakfasts. We produced more than 40 policy submissions and research reports and campaigned in the media and advocated for them with policy makers on these and many other important issues.
I would like to thank our members and supporters for their continuing loyalty and all the FSC staff for their hard work in delivering quality work throughout the year. On behalf of the entire team, I want to wish you and your families a very Happy Christmas and New Year. Have a safe and restful holiday season.