Thank you to Financial Services Council members for your engagement and support through a successful year for the FSC as we continue to lead policy debates for members and represent you on key issues.
I am pleased by the important work we have done alongside the industry over the last year, including on the Quality of Advice Review, the MIS Review, superannuation tax and retirement policy, and ESG and Climate policy. Thank you to the many members who have supported and contributed to FSC Board Committees and Working Groups – the FSC is only as strong as support and insight we receive from our members.
I have been pleased the team and I have continued to deliver engaging public events for the industry throughout the year to support industry connectivity and raised the standard and expertise in policy debates on behalf of our consumers and members.
The Government has released draft legislation or consultation papers on key issues over recent weeks, indicating a desire to push through important financial services policies prior to the next election (which will be held in late 2024 or early 2025). The FSC is continuing to work closely with members on:
- The retirement income consultation released this week;
- The Treasurer’s Sustainable Finance Strategy;
- The superannuation objective and taxation bills introduced to parliament; and
- Ongoing implementation of the Quality of Advice Review, with the ‘second stage’ expected to be announced soon.
These major policy initiatives will keep the FSC team busy through December and into January and we appreciate continued industry support as we work on these complex issues over the coming months.
The FSC has also published proactive contributions to the policy debate over the past month, with two research reports released:
- KPMG State of the Funds Management Industry report, with its focus on opportunities to grow the sector and its contribution to the economy; and
- EY Product Modernisation research, showing the industry focus on lifting consumer outcomes in superannuation and funds management.
Both research reports received mainstream media coverage and strong industry engagement through social media and thank you to the organisations that contributed data and expertise to these important industry initiatives.
I look forward to continuing to support and work with the financial services industry in 2024 and I hope everyone enjoys a well-earned break over the coming weeks.
Blake Briggs, CEO, Financial Services Council