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More member webinars to come after success of first in-hour session

by Lewis Panther SA FIN | 27 Nov 2018

FINSIA will be carrying out more member-only webinars after the success of our first in-house session which focused on the Royal Commission.

Another will be broadcast next week - also focusing on Kenneth Hayne’s 69-day inquiry into misconduct in banking and finance - after dozens of members took part on Monday.

FINSIA chief executive Chris Whitehead declared the webinar a great success and thanked members who logged on to the Q&A panel with Freedom Insurance Group chair Pauline Vamos and Head of Policy Dimitri Diamantes SA FIN.

The 55-minute discussion covering a wide range of issues that have emerged from the final weeks of the Commission will be used to help formulate FINSIA’s third response to 10-month inquiry.

Whitehead F FIN said: “It was a great success and demonstrates the value of digital options to engage members, in addition to our conventional events . It’s something we will be doing much more of in the future.

“To have more than 70 people log-on during their Monday lunchtime was really pleasing, and shows the interest our members have in keeping up to date with such important issues.

“It’s certainly good that we can offer these kind of events to members who do not live in any of the five capitals where our events normally take place.”

He added: “Given this was our first use of a new technology platform worked I am delighted there weren’t any major technical glitches. It was great that members connected via the internet could add questions in “real-time”. In our next webinar we will also provide a number for questions to be sent by SMS for those who are dialled in via phone”. 

A recording of the webinar is available for members only to catch-up with the issues covered, which included:

  • How boards will increase their scrutiny of conduct and culture issues in their business. “There will be a significant increase in the questions asked by boards,” according to Vamos, who predicted they will want to know much more about even minor complaints and incidents.
  • The way in which the Regulators operate, changing from an assumption that they would negotiate with a bank that had reported a breach to looking at taking court action as a first response. Though as was pointed out during the exchanges, ASIC had highlighted during the hearings the high costs of taking an entity to court.
  • How much the BEAR regime will be extended throughout the whole of the industry. All three panellists agreed it is “inevitable” it be adopted throughout financial services similar to the wider-ranging Senior Managers Regime which is underway in the UK.
  • Codes of conduct and their importance in financial services. The panel highlighted the problem with them not being enforceable and the fact that they cannot be complied with overnight. But it was agreed individual conduct codes are of real benefit because they encourage people to do what is right and not just what’s legal.
  • How the fear of “first mover disadvantage” had stopped banks restructuring their business. Their focus on market share made them look a “profits ahead of consumers” business. An industry-wide initiative is needed to overcome such “first-mover” disadvantage and prevent standards slipping under competitive pressures.
  • Institutional investors and their impact on financial services with hope for a move to a greater focus on long term returns rather than short term profit, which was described as a game changer.

For members wanting to access the recording, please email [email protected]


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