FINSIA praised for return to education space by banking behemoth David Murray

AMP Chairman David Murray praised FINSIA’s return to the education space during remarks to members at our AGM.

The former CBA chief executive thanked outgoing President David Gall at the event in Sydney.

Mr Murray explained that the Royal Commission’s Final Report presents the opportunity to assess the objectives of our laws, outlining the reasons why the financial services sector is regulated, if this approach should be changed, and where to from here.

He proposed that there is a significant body of law regulating commerce generally, and the finance sector more specifically, and noted the significant legal and reputational risks in not adhering to these laws.

Mr Murray then discussed the six norms outlined in the Royal Commission’s final report, noting that the Commissioner had exercised significant leadership in developing norms that could be understood and implemented by any employee at any level of a financial services organisation.

In discussing culture, Mr Murray explained that it is the set of beliefs of those working in or with an organisation about the behaviours which are acceptable and unacceptable. He set out the three mechanisms or tools available to develop an effective culture:

• the systems of the organisation, its policies, rules, procedures and controls
• the behaviours of leaders which reinforce the effectiveness of those systems
• and the signals transmitted in the organisation which affects beliefs about the systems

Mr Murray concluded by advocating for all individuals, at every level of an organisation, to take accountability for their actions and behaviours and highlighted the need for more stability in the financial services sector.