The Parliament resumed for its first sitting week and to begin work on the new Government’s ambitious reform agenda. Spanning climate change, industrial relations, aged and health care and the economy, the Government will not be short of challenges to manage over coming months.
The consistent message from the new Assistant Treasurer and Minister for Financial Services is that the Government’s agenda for the financial services industry matches their commitments before the election. This is positive for the industry, which has been calling out for a period of stability and certainty after almost a decade of reform.
The Government has also listened to industry and commenced further consultation on the ‘Your Future, Your Super’ performance assessment, an important development that shows the trust and appreciation of complexity in financial services legislation.
It is early days for the relationship between the financial services industry, but I am optimistic the engagement is off to a good start.
For our part, the FSC has used the period of relative quiet in Canberra to progress important initiatives for members. I am pleased to be partnering with FSC members to launch our Climate Risk Guidance Note for the funds management industry on 3 August, in-person at KPMG.
The funds management and superannuation sectors recognise they have an important role to play in the transition to a low carbon economy and this guidance is an important step in ensuring that the investment products in the market are true to label.
The FSC has also been focused on the ongoing Quality of Advice Review, which is a priority for all categories of FSC members, and successfully launched the new Life Insurance Code of Practice, which will have effect from 1 July 2023.
Thank you to all our members that continue to support these important industry initiatives and it was good to see many FSC members at our industry drinks in late June. Stay tuned for more in-person events over coming months that will allow the industry to reconnect.