Financial services gets minister with inside knowledge

The new minister responsible for the financial services portfolio, Victorian Liberal Senator, Jane Hume, has actually worked in the industry and has chaired the key Senate Economic References Committee which has conducted key inquiries into the sector.

Hume has been named a junior minister within the Treasury portfolio as the Assistant Minister for Superannuation, Financial Services and Financial Technology and will bring with her substantial experience in financial services including in investment banking and industry superannuation.

Hume’s background reveals that she kicked off in financial services in 1995 as an Investment Research Manager at National Australia Bank (NAB) before becoming a Private Banker at NAB before moving to Rothschild and then Deutsche Bank.

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Most importantly, however, Hume was a Senior Strategic Policy Adviser at Australian Super between 2015-16.

As chair of the Senate Economics Committee Hume distinguished herself during Senate Estimates hearing, particularly those dealing with the roles of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority with respect to both planners and industry funds.

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Her first job should be to get rid of all the unnecessary red tape in the Industry.

I hope Jane Hume can deliver more sensible outcomes than her predecessors and I hope she will look at the LIF and overhaul it before its too late.
My advice to her would be to not listen to anything the dodgy cartel FSC lobby her with.
As an example I'm sure we have all had the outrageous emails from TAL this week. On the one hand encouraging us to churn business to them by offering new business discounts and "guaranteeing" not to increase premiums on new business for 3 years. On the other hand they are hitting existing customers with up to 12% increases in premiums to pay for this. All of the FSC members have been doing this since the introduction of the LIF
Thanks to the FSC and companies like TAL they are trying to create a churn issue that was not there in the first place for their own profit while trying to blame advisers for everything.
Lets home Jane Hume can take them to task for the benefit of customers for a change.

Well said and agree, likewise Onepath writing to clients essentially telling them to ditch planners!

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