Institutional CEOs selected to advise Government
The Federal Government has looked to the big end of town in reconstituting the Financial Sector Advisory Council (FSAC) as part of its response to the Financial System Inquiry (FSI).
In one of her last acts before the Government went into election mode, Assistant Treasurer, Kelly O'Dwyer announced the make-up of the FSAC with all the members being at chief executive or executive director level within major financial institutions.
The council will be led by Suncorp chief executive, Michael Cameron, as chairman and be made up of Goldman Sachs managing director, Equity Capital Markets, Sarah Rennie, Westpac chief executive, Brian Hartzer, AMP Chief executive, Craig Meller, Bell Potter Securities head of Wealth, Heather Zampatti, Australian Finance Group managing director, Brett McKeon, Bendigo and Adelaide Bank chief executive, Mike Hirst, Victorian Funds Management chief executive, Lisa Gray, and Ord Minnett chief executive, Karl Morris.
Announcing the appointments, O'Dwyer said that under its renewed Charter, the FSAC said the council would have a mandate to advise the Government on the implementation of its response to the FSI and provide advice to the Government on the performance of the financial system regulators.
She said the council will also provide advice to the Treasurer on the conditions and emerging trends in the financial sector, potential area for regulatory reform which could improve the efficiency, and competitiveness of the financial sector, as well as play a role as an industry consultation body.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
