Update from FSC CEO Sally Loane
It has been a busy few months right across the financial services sector. We are nearing the end of the financial year, preparing for 1 July changes and gearing up for first Parliamentary sitting week of the re-elected Coalition Government - 2 July.
Prime Minister Scott Morrison has a strong mandate and with party rules in place, will see out the full three year term; our new Minister, Senator Jane Hume joins the front bench with 20 years real life experience working in the financial services sector prior to politics and Treasurer Josh Frydenberg has already indicated his focus on superannuation reform.
We were pleased to meet with Senator Hume at her Melbourne office very shortly after she was announced as Assistant Minister for Superannuation, Financial Services and Financial Technology. We discussed FSC member’s priorities and also drew attention to a number of unintended consequences contained in the Protecting Your Super legislation - and our solutions. We continue to advocate on these critical issues on behalf of our members with the new minister and the Government.
The FSC’s Summit 2019 on 27-28 August will be an unmissable two day event. We have speakers including political super-star Julie Bishop; Senator Jane Hume; financial services leaders including Geoff Lloyd, Shane Oliver, Kate Howitt, Alex Wade, Nerida Cole, Jeremy Cooper, Andrew Fairley; global leaders Bei Shi and Chris Cummings; and regulators James Shipton, Helen Rowell and Geoff Summerhayes. We will also feature a not-to-be-missed conversation between the AFR Chanticleer’s Tony Boyd and arguably Australia’s most powerful superannuation leader.
The Summit is the ONLY conference where every part of our vast, interlinked financial services sector comes together to network, learn and plan for the future. Secure your spot now by registering here.
In Board news, a warm welcome to the newest FSC director, Kathy Vincent. Kathy leads BT’s retail platforms (BT Panorama, BT Wrap and Asgard) as well as BT’s investments & operations businesses. More details on Kathy here and further below.
State of the Industry
The 2019 FSC State of the Industry report will be launched next month. This will be the fourth iteration of our annual comprehensive summary of the financial services industry, which is the largest contributor to Australia’s economy.
The report outlines the big picture view of the entire industry as it currently stands, covering key areas including the sector’s crucial role in the national economy, as well as snapshots of the life insurance, superannuation, financial advice, funds management and trustee services businesses.
The easy to read report - our best-ever - provides industry professionals with a must have, quick reference guide to all the headline numbers as well as detailed analysis.
Protecting Your Super update
In collaboration with ASFA, the FSC launched the Protecting Your Super (PYS) campaign to inform consumers of the changes occurring on 1 July.
The campaign website can be viewed at www.timetocheck.com.au, and given there are only a few days to go, I urge you all to share the material with your networks - the more people who see it the better.
ASFA and the FSC have done a lot of media, and there were more than 50,000 visits to the website in the campaign’s first 10 days. Anecdotally, members are reporting huge volumes in call centres as customers check their super accounts.
Standard No. 11: Moratorium on Genetic Tests in Life Insurance
Following extensive consultation with the life insurance industry and genomics community the FSC has approved a Moratorium on genetic tests in life insurance, allowing Australians to get up to $500,000 of life cover without disclosing an adverse genetic test result.
Australia aims to be at the forefront of genomic science and is now the only country in the world outside the United Kingdom where a favourable genetic test result can be disclosed, but an adverse result doesn’t have to be.
The FSC believes it is vital to have an agile solution like a Moratorium which, unlike legislation, can easily adapt and change as new breakthroughs are discovered – which is why we committed to having it in place by 1 July this year.
The Moratorium will be regularly reviewed to support scientific research and genetic inclusion, while protecting the interest of the wider community who have life insurance. Read more here.
First Nations Foundation
The FSC has been a proud funding partner of the First Nations Foundation for six years, ensuring that the Foundation has been able to deliver some remarkable outcomes for Indigenous Australians’ financial literacy and lost superannuation nationwide.
Over National Reconciliation Week, the First Nations Foundation released ground breaking research into the financial position of First Nations people, showing the reality of the task ahead to achieve Indigenous financial wellbeing.
The report found one in two Indigenous people are in financial distress, 75 per cent report challenges dealing with financial services and only one in 10 Indigenous people are financially secure.
Download the report here.
New Board Member – Kathy Vincent, General Manager, BT Platforms, Investments & Operations
The FSC has appointed a new board director, Kathy Vincent is currently responsible for leading BT’s retail platforms (BT Panorama, BT Wrap and Asgard) as well as BT’s investments & operations businesses.
Prior to joining BT in July 2018, Kathy was the General Manager of Wealth Products and Platforms at NAB where she was responsible for the leadership and management of the retail super and investments platform, as well as NAB’s Asset Management Product Team.
Previous roles include Co-Head of Macquarie’s alternatives business and Head of Product Strategy for Macquarie Group’s Global Investments business.
Kathy has 25 years’ experience in financial services with specialist expertise in retail platforms, product strategy and distribution. Kathy has a Bachelor of Commerce from the University of New South Wales and a Graduate Diploma in Applied Finance and Investment.