FSC says continued industry adaption is needed

At the Financial Services Council 2019 Summit today, the message from Geoff Lloyd, FSC chairman and chief executive officer (CEO) of MLC Wealth Group, was that “we are in complete control”.

Lloyd said it was obvious the shape of the sector today was vastly different from just one year ago, but it was up to the industry to keep adapting.

“It’s in these changing times we have been thinking about the evolution of our organisation,” Lloyd said.

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“We should be united by that purpose to serve all Australians with integrity and by doing so we will build confidence in our sector.

“While it might not feel like it, I personally and strongly believe we are in complete control to how we adapt.”

The message from the FSC was “to protect and enhance confidence in a strong sustainable financial services sector that services Australians with integrity”.

 “Not only are these high stakes times for all Australian families through the lens of wealth management, the stakes are even higher than ever before,” Lloyd said.

“Given our ageing population, the strength and size of our retirement savings, the booming household wealth that we have – 3.5 trillion of which will change hands over the next two decades.”

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The same FSC member companies who brought us the LIF through corruption making it more expensive for customers to get risk advice. The same FSC members robbing existing customers with excessive premium increases whilst discounting premiums for new business only and trying to get advisers to churn. "In complete control"? more "in complete denial" about their corruption.

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