Sydney, well and truly locked down, now understands what our friends and colleagues in Melbourne went through, second time round. Different governments, differently timed COVID waves, a new virulent virus strain, same pandemic.
Last year the lockdowns were unprecedented and open-ended, and with no vaccines in sight, every day brought new challenges, and everyone worked on delivering solutions, often at a frantic pace. This time it feels more like Groundhog Day – we know the script – and until the vaccines arrive in bulk (hopefully imminent) we are getting on with the job until life resumes to some form of normality.
For the FSC team locked down and working from home that means delivering the Life Code of Practice 2.0; ensuring a critical mass of firms take up our newly minted DDO target market determination templates and data standards; completion of our restructure of financial advice and encouraging fund managers to commit to our new diversity guidelines, to name a few.
Two other major chunks of work are underway this week – our response to the exposure draft bill for the Compensation Scheme of Last Resort, mainly to mitigate the significant risk of moral hazard; and refining our submission on the long-awaited Retirement Income Covenant position paper. Details to come in the next FSC Policy Update.
We have rescheduled our Investment & Retirement Incomes Summit to October 20 and remain optimistic that by then we can gather in person with our teams and colleagues at Crown Sydney. The planned after-Summit cocktail event overlooking Sydney Harbour will hopefully not be another mirage.
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