In a statement last week, chief executive officer of the FSC Sally Loane said a royal commission into the financial services sector would prevent self-regulation and the opportunity to build consumer trust.
According to the FSC, inquiries into the financial services sector have cost the industry more than $3 billion since the global financial crisis.
“Any continuing reforms and changes in financial services are always needed quickly to keep up with the fast rate of change in the industry, not least because of technology and the rapidly changing needs and expectations of the community,” Ms Loane said.
“Royal commissions are a slow process, only look at past practice and inevitably go off at tangents.”
Ms Loane said the financial services industry has already introduced standards and codes in recent years to help deliver value, build trust in the community and reduce the cost to Australians of managing financial affairs.
“The FSC is against calls for a royal commission,” Ms Loane said.
Sally talks the talk but has the FSC walked the walk?
one month into the NEW code of conduct ,have any bank advisers been pinged for Only selling home brand?What is in the clients best interest Sally?
The FSC have done nothing to protect consumers, just the opposite. The Life insurance code of practice is a joke and the LIF through the FSC’s dishonest dealings will drive less customers to be able to afford risk advise and more customers buying junk overpriced direct products, just as the FSC wanted.
The FSC execs are not adequately regulated or even adequately qualified.
A Royal Commission is the only way to stop the corruption at the top of the industry food chain.