Financial Services Council (FSC) chief executive Sally Loane has announced that she will leave at the end of the year, with the body currently said to be “undertaking a search” for the CEO role.
Commenting on her departure, Ms Loane said she had been privileged to lead the FSC, which has 111 members across superannuation funds, funds management, life insurance, advice licensees and trustee companies.
“I am proud to have led a team which proactively develops policy reforms to assist our members; reforms which are beneficial for consumers of financial services, and which have helped restore trust in our sector,” she said.
“Some of the more significant challenges have included initiating life insurance’s Trowbridge Review, developing the life Codes, and advocating for a sensible compensation scheme of last resort.”
A key learning that stands out, she said, is how financial independence is a life-changing factor for women.
“As a member of the NSW government’s Council for Women’s Economic Opportunity I have seen close up how important it is to close the gender pay and superannuation gaps, because when women are financially independent, they have choices.”
With the big end of town moving out of advice, the FSC was struggling for relevance. Sally to her credit went down as the captain of the ship.
Taking bets…..Dante short favourite. The FPA is a subsidiary of the FSC in any case.
Good
Still trying to forget Sally’s testimony at the Banking & Finance Royal Commission in response to Leah Orr asking for justification of why insurers pay commissions to advisers. That said I’m sure Sally would rather forget it too!
Yes, advisers often complain about financial advice regulations that appear to have been made with no understanding of how financial advice works. Unfortunately regulators have derived much of their “understanding” from the deeply flawed testimony of product company representatives like Loane and Linda Elkins at the RC. No wonder we now have so much bad regulation.
Good
Tell someone who cares
Sally many advisers remember that under your watch the FSC decimated the advised life insurance business by initiating life insurance’s Trowbridge Review which was a con job!
good!