Financial system reform needs rigor: FSC
While the appetite for immediate reform of the financial services industry is clearly strong, Financial Services Council (FSC) chief executive officer, Sally Loane, has urged that any legislation to implement the recommendations of the Banking Royal Commission should be treated with the same diligence and rigor as any other new bills brought before parliament.
Loane said there were already several important superannuation reform bills “languishing” in Parliament that had not yet been passed into law, and the next tranche of financial system reform needed to be treated with the same rigor and scrutiny.
She said that while the sector’s damaged reputation needs quick attention, for some areas of reform, comprehensive industry consultation and further analysis was required.
“While we must move quickly to repair the sector’s damaged reputation and ensure that consumers are able to trust the people, products and services in our sector, it was only eight days ago that the final report of the Royal Commission was released by the Government,” she said.
“In some important areas of reform, further information has been either been sought by Treasury or further analysis is required. We need comprehensive industry consultation to ensure that the unintended consequences of any technical changes are identified and dealt with.”
AUTHOR
Anastasia Santoreneos
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
