From the CEO  

By Sally Loane

The tectonic shifts in our sector – three major banks selling their wealth businesses, the Royal Commission, the Productivity Commission’s far-reaching review of superannuation, Budget reforms to life insurance in super, parliamentary inquiries into life insurance and the integrity of superannuation payments, the exits of senior executives and company directors and even company closures – have thrown financial services onto the front pages day after day.

These unprecedented changes are not without serious consequences because of the size of financial services in the Australian economy. Together with banking, financial services is the biggest contributor to the national economy. Our products and services touch every single consumer.

There has never been a more important year to attend the Summit, the FSC’s annual conference.

As the peak event for all parts of our massive sector – funds management, super, life insurance, advice and trustees - the Summit 2018 will be a critical opportunity to get together to dissect and discuss the policy and regulatory landscape ahead.

Scrutiny by media and regulators, and of course, the Hon. Kenneth Hayne and his team is intense, and poses many challenges. Questions have been raised about the future of vertically-integrated business models, the sustainability of group insurance, the so-called “grandfathering” of advice products and how superannuation contributions are allocated on behalf of consumers. And much more.

As well, the powerful funds management industry is far from immune from the changes as it continues to experience fee pressure from low-cost index funds, additional reporting requirements and global questions about the gender diversity of its workforce.

We who work in financial services need to present a united front to ensure the upcoming changes and transformations can be fully grasped as opportunities, rather than a millstone.

And while you’re considering registration for The Summit, don’t overlook the importance of spending two solid days – and the always fabulous Summit Dinner - connecting with friends and colleagues. This is no small thing, and I’d argue, good for us as humans. While we’re facing challenges, there is much to be proud of and we should never lose sight of that.

FSC Summit 25-26 July – Melbourne.

While the Summit’s main focus will be on our core business, we have some expert speakers who will examine and reflect on past Royal Commissions and their legacies, and try to ascertain the impact of the one into our sector.

Confirmed speakers include:

• Hon Kelly O’Dwyer MP, Minister for Revenue & Financial Services,
• Justice Neville Owen, who led the HIH Royal Commission
• Karen Chester, Productivity Commission deputy chair and author of the examination of default superannuation
• David Neal, Future Fund CEO
• James Shipton, ASIC’s new Chairman
• Helen Rowell, APRA Member
• Hon Chris Bowen MP, Shadow Federal Treasurer
• Graeme Samuel AC, co-author of the APRA report into the CBA and former ACCC chairman
• Ged Fitzpatrick, ASIC senior executive leader for international strategy
• The return of the Great Debate – Millennials v The Rest – MCd by Claire Hooper, star of the ABC’s top-rating financial podcast, The Pineapple Project.

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. We’re also expecting a great showing from your under 35s, The Circuit members.

As an added bit of fun, we’ve created the Summit Game for you to find out which financial services archetype you fit into and which Summit sessions will suit you most.