David Chaplin, of Investment News NZ, has this excellent piece on the comments Rob Everett made about financial services companies. There are many good quotes, so many that you should just read it, but I want to highlight these:
Everett said the days of financial services companies building business models based on stable rules backed by long-established legislation were “over”.
Good point, and a reminder that the regulator is primarily there for the consumer, not the industry. Speaking at a fintech conference, this was bound to be well received. Everett went on to criticise some incumbents for not acting responsibly, "... or even competently". In my first draft of this post I wrote that Everett pulled no punches, but deleted it because it was all delivered in so matter-of-fact way that there was no pugilism involved. For Everett there is no argument about this. Therefore, he welcomed newcomers and challengers of all types with:
“Any challenger or disrupter businesses that look like they are addressing, really, the customers’ needs and wants will find financial services rich pickings,”