2022 saw a change of Government and with it new policy priorities for the country. Whilst financial services did not feature prominently in the election campaign, issues brought over from the previous parliament, along with the new Government’s focus, have resulted in ongoing reform and review of the sector.
The Government continues to grapple with unfinished Royal Commission legislation, including the Financial Accountability Regime and the Compensation Scheme of Last Resort, and has continued the Quality of Advice Review. The Government has also commenced its own review of the Your Future, Your Super laws, and foreshadowed a detailed examination of Managed Investment Schemes.
The FSC team has worked hard for members this year, having led the debate for reform of financial advice, supported industry action on climate reporting and disclosure, championed the importance of investment choice in superannuation, and ensured defining the objective of superannuation is articulated before new taxes are implemented.
The focus on the financial services industry will continue into 2023 and the FSC will take a leadership role in representing our members in these important debates. As always, the FSC is only as strong as the skills and expertise provided by our members to assist in policy develop and coordinated advocacy, so I want to take this opportunity to thank everyone that provides their time and experience on FSC working groups and board committees.
I want to also welcome Kirsten Samuels that has joined the FSC team as Policy Manager for Superannuation and Innovation, who will join Aidan Nguyen in the superannuation team. I am also delighted to note Aidan has been promoted to the role of Policy Director for Superannuation, and Zach Castle’s position has been broadened to include the new focus area of Platforms, in addition to Financial Advice.
The FSC team is match fit going into the new year and we look forward to working with members on important industry initiatives.
Blake Briggs, CEO, Financial Services Council