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FSC defends 'integrity' of LIAWG process

The Financial Services Council has staunchly defended the “integrity and independence” of the Trowbridge Report and Life Insurance and Advice Working Group process.

In response to ifa’s publication of parts of the FSC’s confidential submission to the LIAWG, chief executive Sally Loane wrote to the editor taking issue with the story and was offered a "right of reply".

“To suggest the Trowbridge Report mimics the Financial Services Council’s submission to the review … is not only disappointing, it is wrong and attacks the integrity and independence of the Trowbridge process,” Ms Loane said.

“From the outset, there were stringent processes which ensured and protected Mr Trowbridge’s independence.

“In letters published in The Sydney Morning Herald and The Age this week, he said: ‘No single submission substantially captures my recommendations because they constitute a synthesis of selected ideas put forward in different submissions and judgments on my part’.

“Clearly, the Trowbridge Report contained recommendations that were his own. This was also reinforced in Mr Trowbridge’s letters, which stated: ‘There was never any agreement that the report would contain a consensus view. It was always going to be my view informed by submissions and input from insurers, advisers, adviser groups, consumer representatives, regulators and others’.”