Suncorp chief predicts greater scrutiny
The delicate balance in the Federal Parliament is likely to mean the financial services industry, including the general insurance sector, can expect greater scrutiny from Government with respect to consumer issues, according to the chief executive of Suncorp Group Patrick Snowball.
Snowball has told the National Insurance Brokers Association that the traditional two-party Federal Government has been replaced by a broad mix of mainstream political party and independent representatives — something that “completely changes the traditional approach to Government and regulatory relations for companies such as Suncorp”.
“The terms of engagement with Canberra will be new and unchartered,” he said. “This will provide the insurance industry with a unique opportunity,” Snowball said. “To take advantage of that opportunity we need to understand the implications for our industry and our companies.”
He said that among the implications was a greater Government and community emphasis on supporting customers in rural and regional Australia; access to financial products and services for low income groups; risk minimising and capital reserves for major banks and insurance companies; and corporate taxation (particularly with respect to super profits).
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
