Time for Wallis MKII
The Federal Opposition has floated the idea of a ‘Wallis Inquiry Mark Two’ after the sub-prime crisis is over.
The Shadow Minister for Superannuation, Michael Keenan, told the SDIA conference in Melbourne there should be a review of the way the financial services industry performed during the crisis.
“The industry has been through turbulent times and once the dust has settled, there could be an opportunity for a review,” he told Money Management.
“It would be good to look at ways of handling a crisis better in the future.”
Keenan said it would be an opportunity to look at best practice for the industry.
“We shouldn’t be too complacent that we did everything right,” he said.
“At present we are floating the idea to the industry to get its feedback on creating a better system.”
The idea of a second Wallis inquiry is not Opposition policy at present, Keenan said, and it was too early to say what form such an inquiry would take.
Further changes to the superannuation system was ruled out by the shadow minister as he believes the changes made when the Coalition was in power are meeting current consumer demands.
“The reforms that were needed to superannuation led us to instigate the changes under Better Super,” he told delegates.
“Now we have a simpler system that is easier to understand, we do not see the Opposition demanding changes so I don’t see any areas that need reform.”
Keenan said the Opposition believes in “the light touch” when it comes to making changes to the financial services industry.
“We have an obligation to encourage growth in the industry and examine any improvements for the costs they will impose,” he said.
“We are looking closely at the directions the industry is taking and we take our role in opposition very seriously when it comes to superannuation and the financial services industry.”
AUTHOR
Mike Taylor
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
