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Snowball has told the National Insurance Brokers Association that the traditional two-party Federal Government has been replaced by a broad mix of mainstream political party and independent representatives — something that “completely changes the traditional approach to Government and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
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
