Govt needs to show regulatory restraint, says Zurich
Zurich Australia has called on the Government to show restraint in its drive for regulatory reform of the financial services industry.
Regulatory reform must be balanced and must not stifle customer centricity, innovation, choice and competition, said Zurich Financial Services Australia chief executive David Smith.
“Few areas have been spared, with reports and proposed legislation flowing freely,” Smith said. He said while this is understandable given the tumult of the global financial crisis, reform should promote the interests of consumers as well as recognise the interests of all stakeholders.
Smith said Australia is currently seen by overseas investors as overregulated and a hard place to do business.
“The hallmarks of our economy and society are customer centricity, innovation, choice and competition delivered through the free market, with government intervention to correct anomalies,” Smith said. “We need to ensure that regulatory reform stifles none of these things, nor promotes one at the expense of others.”
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.