The financial services industry needs to act to improve its reputation before outside forces impose changes upon it.
That was the bottom line message delivered during the opening of the Financial Services Council (FSC) Leaders’ Summit in Melbourne today with both BT Financial Group’s Brad Cooper and PWC’s Craig Cummins urging the financial services industry to unite to deliver change and restore consumer confidence.
Cooper, the FSC deputy chairman, told the summit’s opening plenary that while the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had made “difficult viewing” it had also provided the impetus for change via professionalism and the consequent restoration of trust.
He said industry participants need to be asking what they could be doing to bring about change rather than waiting for others to do it for them.
However, in doing so Cooper pointed to the FSC’s continued pursuit of the opening up of default funds under modern award and change go superannuation fund governance structures including a majority independent directors plus an independent chairman.
PWC superannuation, asset and wealth management leader, Craig Cummins said the industry too often remained divided with too many people acting in the best interests of organisations rather than the best interest of customers.
He said the future of the industry lay in putting the interests of customers first.
