They who pay the piper call the tune

Outsider was gratified to read that Financial Services Council chief executive, Sally Loane never thought about quitting after what some in the industry believed was a less than stellar appearance before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

In the weeks immediately following Loane’s appearance at the Royal Commission and her examination by counsel assisting, Rowena Orr QC, Outsider was asked by quite a number of financial services operatives for his views on how the FSC CEO had performed.

While Outsider has inevitably averred that Loane had undoubtedly had better days and better performances he has noted that some of his colleagues working for other financial journals have been speculating about her longevity in the role.

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But it seems to depend on whether you’re reading News Limited or Fairfax publications on what angle you’re getting on the future of the FSC CEO and it is a measure of Loane’s tenacity that in a recent newspaper interview she made clear that, notwithstanding the bruising nature of her Royal

Commission appearance, she had never considered quitting her role.

Still, Outsider notes that with the major banks exiting their wealth businesses and with the rules likely to change around superannuation funds sitting within vertically-integrated structures, the focus of the FSC itself is facing change.

Perhaps the real question is how much the banks are paying to be both members of the FSC and the Australian Banker’s Association.

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