FSC calls for common voice to minority Govt

The financial services industry needs to provide a united voice to Canberra to ensure it is heard in the circumstances of a minority Government and an extremely delicately balanced Parliament, according to the chief executive of the Financial Services Council (FSC), John Brogden.

Brogden provided key members of the FSC with a briefing around the new political dynamic in Canberra, and warned that the industry would have to work hard to be heard amongst the voices of other sectors competing for the attention of the Government, the cross-benchers, the Greens and the Opposition.

He said that amid the sheer weight of people knocking on the door of the Government, it would be up to the financial services industry to clearly define its message.

As well, Brogden said that disunity within the industry was likely to prove fatal to achieving its objectives.

The FSC is expected to broach the issue of developing an industry consensus with the other major industry organisations, including the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA).

Commenting on the new dynamic in Canberra, Comminsure general manager of retail advice Tim Browne said it was “down to the industry, life companies, advisers and industry bodies, to unite and get on the front foot with politicians”.

He said the industry needed to demonstrate that the underinsurance issue was real and that any policy changes that made it harder or more expensive for everyday Australians to get financial advice for insurance “could have significant consequences for consumers and our social welfare system.”