The FSC Board has appointed me CEO of the FSC and I look forward to the opportunity to lead the public policy debate and support FSC members navigate political and regulatory challenges.
The financial services industry has been through a decade of political scrutiny and regulatory reform that has had a significant impact on FSC members. It is time for stability in regulatory settings to support investment and growth in the financial services industry.
The federal election, which will be held on 21 May, and the recent Federal Budget have suggested that a period of stability may be possible. Financial services policy did not feature prominently in the Budget and at this early stage neither party is proposing material reform to the industry.
The FSC is advocating for stability, not least for superannuation consumers who deserve a commitment that neither party will implement adverse superannuation tax changes. It is pleasing both the Government and Opposition have made this commitment in recent weeks.
As CEO my focus will be on policies to support and grow the financial services industry, simplify compliance and reduce red tape costs for members. Initiatives such as standardised Target Market Determinations for the DDO regime and fee consent arrangements for financial advisers are examples of where coordinated industry projects can reduce costs for industry and consumers.
The FSC is only as strong as the members that support my team and I, so I will take this opportunity to thank the hundreds of subject matter experts that volunteer their time and support the FSC through working groups and Board Committees.
My goal is to continue to run a responsive and accessible organisation that works closely and constructively with members to achieve the best possible outcome for financial services consumers.
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