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Snowball has told the National Insurance Brokers Association that the traditional two-party Federal Government has been replaced by a broad mix of mainstream political party and independent representatives — something that “completely changes the traditional approach to Government and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
At the halfway point of the year, consolidation pressures continue to drive financial services M&A with three areas identified as targets for asset and wealth managers, according to PwC’s mid-year outlook.
With advisers expressing a reluctance to invest in cryptocurrency, advised clients are tending to have a smaller allocation to the asset than their unadvised peers.
After surviving significant evolutions of the Australian financial advice industry, The Advisers Association is now celebrating a century of advocating for advisers.
ASIC is calling on licensees to review their client onboarding practices to avoid vulnerabilities associated with share sale fraud, noting particular concerns in the use of white labelling services.
