Government pushes cultural over regulatory change

by AB19 Nov 2018

At a time of change and challenge across the finance and broking industry, Assistant Treasurer Stuart Robert, has called on brokers to embrace what lies ahead.

Speaking at the FBAA’s annual conference on 16 November, Robert rallied brokers to embrace the status quo, saying, “Nothing is as constant as change and…. [your industry] will continue to.”

With the royal commission’s interim report due early next year, Robert hinted at what this could mean in reality.

He said, “In the coming months we will consider the royal commission recommendations, together with those put forward by the productivity commission. Two major lines of inquiry that I suggest will usher in a new wave of reform, mostly led by cultural change rather than regulatory change.” 

His address opened a day-long agenda that also featured Tom Panos, Peter Switzer, Niik Stewart, Martin Grunstein, Rob Carlton and ASIC’s Boyd Honor, senior manager for deposit takers, credit and insurers.

Building the FBAA’s ongoing work to support the mental health of brokers and finance industry professionals, the conference also heard from Chelsea Pottenger, who is an ambassador for RUOK? 

The conference was followed by the association’s Awards of Supremacy, which recognised excellence in broking across multiple categories.

With regards to the changes that open banking could bring to consumer outcomes, Roberts added, “[it’s about] starting a new chapter in open banking, fueled by data-driven innovations. I think this will take your industry into some unknown waters with some enormous opportunity for the entrepreneurs amongst you.”

He concluded, “There has never been a more interesting, exciting and opportunity risk time to be in your industry. I wish you all the very best.”

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