Update from FSC CEO Sally Loane
It has been a jam-packed couple of months, with the launch of our State of the Industry report, the BT Parliamentary drinks, the 2019 FSC Summit and the release of the Royal Commission roadmap.
I attended Treasurer Josh Frydenberg’s announcement of the Government’s Royal Commission implementation roadmap, and noted a lot of motivation in the Treasury ministerial team – and on the backbench - to get the job done as efficiently and effectively as possible. Now, industry has certainty, timelines and an end date - 2020.
The FSC’s Summit 2019, held last week, drew positive feedback from members who appreciated the diversity of speakers from our vast, interlinked sector, as well as the diversity in political views. There was a great deal of content generated by the 104 speakers and this was reflected in strong media statistics. Across broadcast, online and print media more than 70 articles were produced, clocking around nine million views. Comparing to the previous Summit, media attendance and coverage was up 61 per cent.
We have a huge 12 months ahead of us. With such a busy legislative and regulatory agenda affecting arguably every FSC member, we are doubling down on advocacy in Canberra. We are onboarding two new policy managers in the coming weeks who have a great deal of experience in political campaigning and strategy - I will introduce them in due course.
Senior Policy Manager, Jesse Krncevic has left the FSC, joining APRA. I want to thank Jesse for his excellent and professional work for FSC members during his time with us.
For more policy updates, FSC Members can access Monday’s edition of the FSC Update (Issue 17) here.
State of the Industry 2019
The FSC’s 2019 State of the Industry Report is an excellent reference source for the Australian financial services sector, with detailed statistics and analysis giving a very clear view of the place of the industry in the national and global economies. Thanks to Michael Potter, our Senior Policy Manager, Economics and Tax, and the policy team, who were ably assisted by Morningstar, Rice Warner and the ASX.
Download a copy here.
BT Financial Group Parliamentary Cocktail Function
In a post-Hayne world it’s probably more critical than ever to engage deeply with policymakers, and the annual parliamentary cocktails is one of our most effective advocacy and engagement events. This winter 135 of us gathered in the Mural Hall in Federal Parliament for the BT Parliamentary Cocktails - the centerpiece of the full BT political series - which provides the opportunity for members to speak with MPs, Senators and their staff to share information about each other’s priorities. This year we heard from the Minister for Financial Services, Superannuation and Financial Technology, Senator Jane Hume and the Shadow Financial Services minister, Labor’s Stephen Jones MP.
It is important, during challenging times, that we can gather with colleagues to analyse, learn and share ideas. I believe we achieved this, and more, in Sydney this year.
A big thank you to all our sponsors, especially PWC, as well as MLC Life Insurance, RBC Investor and Treasury Services, APIR, KPMG, CIMA, Lab Group and ShineWing.
FSC Industry Excellence Award Winners
At the Summit Gala dinner, eight financial services executives were recognised for their sustained professional support for and leadership of the financial services industry.
Mr Lucas McKay of the Westpac group was awarded the Outstanding Industry Contribution award for his active participation on special projects, working groups and his dedicated support of the industry.
Congratulations to Lucas and the 2019 winners of the Industry Excellence Awards:
• Austin Bell - Johnson Winter & Slattery
• Fiona Smedley - Herbert Smith Freehills
• Michelle Segaert - Ernst & Young
• Cathy Duloy - Metlife Insurance
• Jesse Krncevic - Financial Services Council
• Glenda Hanson - King & Wood Mallesons
• Robin Bowerman – Vanguard
FSC Diversity Resource Library
The FSC diversity working group is tackling the challenge in our sector - only nine percent of CEOs are female (the average across others industries is 17 per cent) - by establishing, as a first step, a resource library.
There is extensive research showing organisations directly benefit from diversity in a range of ways; diversity of thought, improved decision making, new innovation and better financial performance.
The resource library is now live on the FSC website – thanks to all involved in making it happen.