Top 10 most influential, 2004: Peter Kell – the face of consumers
If you accept that a tide of consumerism has been the biggest force impacting on financial planners this year, then you have to recognise Peter Kell as its public face.
Kell took over from Louise Sylvan as chief executive of the Australian Consumers’ Association (ACA) in March — a move welcomed by many planners, if only because he is less strident by nature.
Sylvan never concealed her mistrust of the financial services industry, describing it as “structurally corrupt” and a “disgrace” after the ACA/Australian Securities and Investments Commission (ASIC) survey last year.
Kell, however, is no less dogged than Sylvan in his pursuit of investment scammers, both since joining ACA and in his previous role as ASIC’s director of consumer protection.
His appointment as ACA head is actually a return to the consumer watchdog, where he was senior policy officer from 1995 to 1998.
Since re-joining the ACA, Kell’s commitment to transparency in the financial services industry has also been evident in his support of industry attempts to eliminate alternative remuneration, notably on the soft dollar issue.
As a sign of his pragmatic approach, however, he has conceded that many industry problems, such as conflicts of interest, need to be dealt with on a collective basis.
“Some issues must be confronted on an industry-wide basis, as for [financial services] companies to do this on their own would be commercial suicide.”
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