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FSC - Quoteable From the First Morning of the Conference

"I have been trying to make insurance famous for the last twenty years in Australia"

Damien Mu, CEO of Australia and New Zealand...before reflecting on the exposure created by the Australian Royal Commission, and then on how the current performance of the industry is something of a burning platform, and plunging positively into the conduct conversation.

Rob Everett, Chief Executive of the FMA, reflecting on the recent thematic reviews by the FMA and current work with the RBNZ, in contrast to the Australian Royal Commission said they were focused.

"...less on trying to find a rare, but dramatic, failures. Instead more focus on what happens day by day"

Rob added, tellingly, that it is what your staff do when they are not being watched which shows the extent to which your organisation is committed to good conduct. Rob's speech on conduct obligations was balanced and interesting. It is difficult to strike the right tone when there are a variety of levels of participation and engagement in the conduct conversation. His talk reminded me to explore the interplay between what conduct means as distinct from personalised financial advice, as both often intersect at the point of suitability assessment.

"We're at half-time and we're at nil all"

Rob Flannagan, Chair of the Financial Services Council, making a rather self-effacing statement about the value of the just-launched FSC Code of Conduct. In fact the decision to develop the Code as a central activity in the redevelopment of the FSC is a great example of leadership, not fully acknowledged in a score line of 'nil all'. However, Rob was making the point that the Code has to be followed up by development of guidance, training, and monitoring. That is something I know is happening, having spent some time on replacement business recently.

 

 

 

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