Hi Friend,
At this week's FSC annual gathering (now called the Leaders Summit) I had the chance to sit back a bit and have a think.
It occurs to me that - in very simple terms - a few social contracts have been broken recently.
One, well articulated by ISN, is the implied deal between the government and all wage earning Australians that goes like this: "You save for your retirement, and we'll give you tax breaks and keep the system stable". Oops.
Another contract is between banks, financial planners, life insurers and fund managers and Australians with money to invest. That one says "This stuff is complex. We can't explain it easy but if you trust us we'll do the right thing". Mmmm.
This week's blog goes into the social contracts - where are we now and what should we doas an industry to repair them? Can ASIC really solve it? No, nor should they. But self-regulation may.
Another (weird!) example of a broken social contract is Melania Trump's plagiarised speech at the Republic National Convention. It hasn't had quite the impact Trump's campaign cronies would have hoped for (#understatement). But then if you do the wrong thing it's never going to turn out right, is it?
Best,
Carden