FSC’s Sally Loane steps down

The Financial Services Council (FSC) chief executive, Sally Loane, will step down from the role at the end of the year after seven years at the helm.

FSC chair, David Bryant, president, Pacific Region and CEO of Mercer Australia, said Loane had provided strong leadership for the FSC through a period of unprecedented change, driving its contribution to the development of positive policy and industry reform, for the benefit of all Australians. 

Bryant said: “Sally strengthened the FSC’s contributions in a range of important policy areas - for our industry and the consumers we serve; supported our members as they sought to undertake an extensive program of regulatory change; and expanded the FSC’s membership and engagement across what is a broad industry.

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“We thank Sally for her contribution over the past seven years and wish her every success in the next stages of her career.”

Loane said she was proud to have led a team that proactively developed policy reforms to assist the members; reforms which are beneficial for consumers of financial services, and which have helped restore trust in the sector.

“Some of the more significant challenges have included initiating life insurance’s Trowbridge Review, developing the life Codes, and advocating for a sensible Compensation Scheme of Last Resort,” she said.

“I have enjoyed working collaboratively with industry organisations here and overseas, regulators, politicians, Government bodies, and important stakeholders like consumer bodies, mental health leaders and the medical community.

“I am proud of the funds we raised over five years with our members to support First Nations Foundation’s work in Aboriginal communities.

“If one learning stands out, it is how financial independence is a life-changing factor for women, and the role has given me the opportunity to communicate this message.”

The FSC board was undertaking a search for the CEO role.




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Can she take LIF with her on the way out?

No. She gave it to you as a present.

She oversaw the worst period of attack and destruction on financial advisers in history.
The FSC and specifically Sally Loane were far too close to Kelly O’Dwyer & John Trowbridge and were complicit in the push for the disastrous outcome the LIF delivered.
There is nothing during her term at all that points toward achievement and progress for financial services.
The FSC were happy to burn advisers at the stake and during the pre LIF negotiations delivered submissions advocating for the removal of risk insurance commissions.
For any individual or organisation to offer praise in regard to Sally Loane’s departure is part of the problem and blind to the reality of what now exists.

Good.

Her train wreck performance at the RC evidenced her ignorance & demonstrated she was nothing more than a paid media puppet. Sold her soul for money and in doing so trashed her credibility as a once respected ABC journalist.

I sat in a fund manager board room when she first started and to talk to a group of advisers re the forthcoming LIF reforms and to gauge feedback. It was clear they had no intention of listening to alternative arguments, she was the media spin to sell the project and so it came to be. They were fed/used the easy line that the Government was advocating for zero commissions, so what a wonderful job FSC had done in retaining them. It was a farce.

Let’s also not forget the destructive attitude of now current Liberal Senator Andrew Bragg who was completely up to his neck in recommending & pushing for the abolition of insurance commissions when he was at the FSC.
Andrew Bragg signed off on the FSC’s submission to John Trowbridge which very clearly was designed to apply significant pressure and influence toward the removal of insurance commissions and to support a fee only model.
During this time, the FSC repeatedly referred to “improved consumer outcomes” in relation to the benefits associated with risk insurance commission removal.
Well, if you consider the massively increased premiums, the significant decrease in risk insurance new business, the cancellation of tens of thousands of policies due to unaffordable cost, the loss of thousands and thousands of experienced, knowledgeable, caring specialist risk advisers and all this when risk insurance commissions have been reduced and standardized across the product range, the impact on the industry had ASIC, O’Dwyer, Trowbridge, CHOICE, Hayne & the FSC achieved their idealized outcome of nil commission, the risk insurance business would now be dead, rather than than just dying slowly.
This has been nothing more than an orchestrated, uninformed and idealistic program driven by biased agenda which has a will result in a significantly worse outcome for all.
In regard to consumer benefit and improved outcomes, nothing could be further from the truth.
The consumer, the adviser and the industry would have been much better off if insurance commissions had been left alone altogether and any unacceptable advice behaviour managed by licensees and product providers under the responsibilities governing best interest duty.
It has been a complete disaster.

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