Miss the FSC Conference or want a recap? Here’s the nutshell version of day one
Many in the financial services industry made the trek to Cairns to hear speakers traverse from the highs of regional geopolitical stability and the return of Asian dominance to the minutia (lows?) of financial services regulation. FSC Chairman Greg Cooper of Schroder Investment Management welcomed circa 500 delegates to the FSC's annual conference - this year held in far North (and not so tropical) Queensland.
Day One’s traditional regulator panel was made less painful (interesting even) by adept facilitation and dry wit from the FSC's Andrew Bragg. APRA's Ian Laughlin may have been taking the mickey out of young Mr Bragg when he labelled him the most attractive panel member - it's clear Andrew has much longer to consider his longevity risk than the other panel members.
The conference opening sessions gave the opportunity for FSC Chair Greg Cooper and others to canvass the big issues, and to thank outgoing FSC CEO John Brogden. The latter was an opportunity even Peter Kell of ASIC took in the regulator panel wrap up. It's a credit to Brogden that while he has successfully raised the profile of the industry in Canberra and the community, he's done it without unduly irritating the regulators.
Given the topic matter (potentially soporific) the panellists did well. Here's how I saw it, in 140 characters or less.
FSC @FinServCouncil - Peter Kell believes #financialliteracy & educating ppl on importance of insurance will be key to tackling issue of underinsurance #fscannual”
"Consumers must be @ heart of business models in the financial planning. ASIC @ #FSCAnnual FP register; training, path to professnlsm"
"ASIC’s Peter Kell cites financial literacy as part of the solution to underinsurance"
"Peter Kell, ASIC, cites dif approach to disclosure in interim #fsi report (more is not better); ASIC & other regulators’ $$ #FSCAnnual"
"Unlike a kid putting their hand under the hot tap, stupid life ins decisions don’t become evident until yrs after the action #FSCAnnual APRA"
"Underinsurance not a prudential issue says APRA’s Laughlin. Would like to see decent analysis of Aus v the world #lackingdata #FSCAnnual"
"APRA re retirement income & annuities: important issue for the country, Must be looked at wholistically and systemically #FSCAnnual #FSI"
"APRA’s Ian Laughlin raises adequate regulator funding as one of the key interest points from interim #FSI #FSCAnnual"
Kishore Mahbubani is an academic, former Singaporean diplomat and one-time President of the UN Security Council. My twitter recap doesn’t do justice to his sage-like delivery however for those who missed the conference or wish to recap with colleagues this will at least give the you the 10,000 foot view.
"If you view last 200 years in the context of the last 2000 you will understand Asia not leading is an aberration @FSCAnnual"
"Kishore Mahbubani says we're entering a new era: end of Western dominance and the return (not the rise) of Asia #fscannual"
"One area to be most directly affected by the transmission of power is Australia. Why? Because we are where we are #FSCAnnual"
"7 pillars of western wisdom? First is free market economics. The largest laboratory for this is China #FSCAnnual"
"No one noticed something big... Asian economies still believe in free market economics - western economies doubt #FSCAnnual"
"Second pillars of western wisdom? Science and technology #FSCAnnual"
"Mastery of science and technology is shifting to Asia at an amazing pace #FSCAnnual"
"Cecilia Storniolo - 3rd pillar of western wisdom is pragmatism #FSCAnnual"
"Fourth pillar of western wisdom? A personal fave: meritocracy#FSCAnnual"
"Asia WAS the world’s largest pool of unused brains – no#FSCAnnual"
"Most successful ethnic community in American? Indians. Potential for India as a national #epic #FSCAnnual"
"Another mjr change in Asia - explosion of cultural confidence #FSCAnnual"
"The one statistic you need? In 2010 total size of Asian middle class 500m ppl. By 2020 it will be 1.75bn #FSCAnnual"
"The challenges to Asian growth? Geopolitical tension for one #FSCAnnual"
"FSC @FinServCouncil - 3 challenges for Asia: geopolitics, corporate governance, good governance internally #fscannual"
Kishore Mahbubani @mahbubani_k speaking at the FSC Annual conference
