The financial services industry is closing out a challenging 2021, not only as a result of the continuing reverberations from COVID-19, but due to the significant waves of regulation that were implemented or commenced operation.
The FSC has worked through these challenges alongside the industry and wanted to congratulate our members’ teams that have spent considerable time and effort responding to the once-a-generation changes that have been implemented. We are confident that the industry will be stronger and more resilient as a result of recent reforms.
It is important not to lose sight of the significant wins achieved by the industry over 2021, including the Government progressing long sought for product modernisation regimes for life insurance and investment products. The Government has also introduced legislation to Parliament to implement the Corporate Collective Investment Vehicle and Retirement Income Covenants, both of which are a landmark for the industry and the product of sustained FSC advocacy. I would like to thank the many dedicated policy staff that have championed these reforms, some for over a decade.
2022 will continue to be challenging, not least because of the political uncertainty arising from the imminent federal election. The FSC will to be a strong advocate for the financial services sector and continue to put front and centre the important role out sector plays for consumers and the Australian economy.
In the meantime, however, we hope you all enjoy a well-earned break. We look forward to continuing to work with members in the new year.
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