Speaking at the inaugural SMSF Expo in Melbourne, Ms O’Dwyer said she was “greatly disturbed” by the misconduct being uncovered by the royal commission.
“Already the Royal Commission has highlighted in the most profound way, some of the devastating personal consequences that have resulted from corporate misconduct in the financial services sector,” she said.
“Many people have asked why the Government opposed a Royal Commission for so long. And it is a legitimate question. With the benefit of hindsight we should have called it earlier.”
Ms O’Dwyer apologised for not calling for a commission sooner, but added the government had made efforts to rectify problems they were already familiar with.
“I am sorry we didn’t, and I regret not saying this when asked earlier this week.The Government did get the timing wrong,” she said.
“What we did get right though, was embarking on an urgent and comprehensive reform program to fix the problems that we knew about.”
ifa covered the royal commission live, and the blog can be accessed here: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog
How about an apology to how biased this was with no appearance by First State or ISA! Left leaning witch hunt if ever I saw one
Just shows how completely out of touch this minister is with the issues. So what is the answer Ms O’Dwyer? Force those that have been doing the right thing into completing useless and expensive degrees when we have seen the biggest problem causers to be the most educated and the ones who will escape having to retrain (i.e. the execs). Ms O’Dwyer should also be apologising for being conned by the dodgy FSC over the LIF which will cost customers dearly over the years. What about the whole issue with Opt out? Ms O’Dwer should either resign or undertake a degree in Financial Services to continue her job (because clearly a law degree isn’t sufficient to understand the market). Or better still force every insto company exec and FSC board member to retrain (because these people are the problem).
Watched her on t v being interviewed on abc I think is name is Cassidy he made her look like a bumbling fool had no idea what to say .she kept on ignoring his question on why they didn’t have a royal commission earlier she was an embarrassment and we have to deal with this fool time to go
The Minister talks about dealing with known problems. Ahem. They didnt know what was going on? Please. They have focused on education yet where is the lack of education in the findings of the RC? None. The FSC/FPA et al are the ones that have focused on education and perhaps it was a misdirection to allow the real corporate issues to be left alone. I am pleased the RC occurred. Lets hope that the fall out will be an overall positive for our industry. The damage done is certainly having an effect on public minds…re-building trust is going to be harder for many – especially those representing the big licences.
Further proof of just how out of touch our minister is on this subject.
A leader does not lead with hindsight. They lead with foresight.
Why were the ISA funds not equally grilled? How can the title of this RC include ‘superannuation’ if such a large sector, with exposed ‘fee for no service’ and conflicts, not copping the same heat and questioning. This is a pathetic farce.
Do we really believe this person I doubt it, I just wonder which senior minister put her up for it as we all know O’Dwyer suffers with foot in mouth all to often.