FSC lunch – Son of Wallis enquiry

A panel of financial services industry heavyweights – including BT Financial Group CEO Brad Cooper, FSC CEO John Brogden and Deloitte Access Economics Partner, Professor Ian Harper – recently discussed the implications of the upcoming review of the financial services sector and shared their views on priority areas for investigation by the inquiry. Hosted by the Financial Services Council (FSC) and Deloitte, the discussion was chaired by AFR National Affairs Columnist, Jennifer Hewett.

The review, already dubbed ‘Son of Wallis’, after the most recent inquiry convened back in 1996, is much anticipated – but its details are unknown. There was, however, no shortage of opinion on what it should (and should not) cover at this event. Views from the panel included:

• The need for a review of the regulatory framework for risk management, especially following the GFC, noting that achieving stability through regulation should not come at the cost of innovation, which has been lacking in the industry.
• Using the inquiry to establish an environment in which the investment management sector can be an export industry for Australia, with a view to becoming a financial services centre for the region.

  However, it was facilitator, Jennifer Hewett, who articulated the biggest challenge: combining a big-picture focus with practical positive results. Our blog on this event is here.