FSC February 2018 News

By Sally Loane

2018 has kicked off as busily as 2017 closed. No doubt like all of you, the FSC has been following the early stages of the Royal Commission with great interest. But we also need to continue to remain focused on achieving positive policy outcomes that support consumers and the growth of the industry.

My team here have already hit the ground running and look forward to progressing the issues that matter to you as we gear up for what is likely to be milestone year for the industry.

Asia Region Fund Passport Pilot Program

Many of you would have seen the positive news that Minister Kelly O’Dwyer has been in Hong Kong in January for the Asian Financial Forum, championing the Asia Region Funds Passport and the Corporate Collective Investment Vehicle.

We’re on the final stretch with these long-standing FSC policy priorities and look forward to having the Passport regime up and running.

The Asia Region Funds Passport Joint Committee has also called for expressions of interest to participate in a Pilot Program for the Passport.

The Pilot Program will test the Passport framework and regulator processes across participating economies to identify any remaining barriers to trade or areas for future improvement. It is an exciting opportunity for industry to get involved from the outset of the Passport, and to work with regulators to develop compelling products that will be suitable for export through the Passport framework.

The FSC is taking a lead role in putting the pilot program together so if you are interested in being a part of it, get in touch with Sara Dix (This email address is being protected from spambots. You need JavaScript enabled to view it.).

The Circuit

The Circuit, our under 35s program aimed at the industry’s next generation of leaders, kicks off again on Wednesday 7 March with a Q&A with Aberdeen Standard Investments managing director Brett Jollie. Brett, who is also an FSC director, will provide a first-hand account of what his more than 20 years of experience in financial services.

If you are under 35 (or know an under 35 in your team) and are interested in hearing how Brett managed the recent merger between Standard Life Investments and Aberdeen Asset Management to become one of the largest investment firms in the world, you can register here.

FSC Life Insurance Conference 2018
 

The FSC annual Life Insurance Conference is the must attend event for life insurance professionals and associates. In 2017, the event attracted over 350 delegates from the life insurance sector, and each year offers delegates a high quality program and a number of networking opportunities.

This year promises to be another busy one for the sector with the PJC Inquiry into Life Insurance expected to hand down its final report and recommendations shortly. The group insurance space is also one that will continue to face scrutiny. Our high calibre program will look at what’s in store for the industry.

Ensure you are signed up to our website to receive the latest updates on the Life Insurance Conference 2018. Early bird registrations can be accessed here

Royal Commission

As I mentioned earlier, the Honourable Kenneth Hayne’s Royal Commission into Misconduct in Banking, Superannuation and Financial Services will be something of a watershed for our sector after many years of intense scrutiny and review and significant regulatory changes, many of which are still ongoing. It will be an opportunity for all of us to proudly elevate what we do really well and correct what we need to improve and hopefully set a positive agenda for financial services into the next decade.

Mel Toomey from our policy team is staffing our Royal Commission unit to monitor the commission hearings and process. The Royal Commission appears to be adopting a staged approach to its examination of the industry and has said it is commissioning research papers on the market, regulatory policy and matters for reform. The FSC will make submission to these processes as appropriate.

It is imperative that we remain strong, positive and united – so with that in mind I strongly urge you all to attend this year’s Summit, which will be in Melbourne on July 25 and 26. The main focus of the Summit will of course be on our core business – however with some expert speakers we will examine and reflect on the purpose of past Royal Commissions and their legacies – and try to ascertain the impact of the one into our sector.

If there is one Summit you and your teams will need to attend, it’s this one, this year. I urge you all to think about booking early and increasing your numbers – the link is here.