Welcome to the latest edition of The Standard, which has a mix of regulatory news, in-depth interviews and policy reports.
As we strive towards a successful recovery from the pandemic and its fundamental impact on our way of lives and the economy, FINSIA is continuing to focus on its professionalism strategy.
To this end, we have drafted a first of a kind set of industry-wide professional standards that has been written specifically for individual practitioners working in retail and business banking.
It is an important project that will enable professional standards to be developed across the securities and banking sectors.
The five Professional Standards are supported by 21 Practice Standards, which provide guidance on the type of conduct that is expected of professionals working in the sector.
They have drawn on the best of 22 existing codes of conduct, standards and oaths and are now going through a sector-wide consultation process for feedback.
Over the past few months, we have been holding discussions with key industry stakeholders and FINSIA’s Retail and Business Banking Council regarding the draft professional standards. We are now moving into a more extensive stakeholder consultation.
We are particularly interested in gathering feedback from the individuals to whom the standards will apply, including FINSIA members in financial services.
The survey can be found here
Elsewhere in this edition, we have an interview with Peter Kell, whose credentials as former CEO of Choice and Deputy Chair of both the ACCC and ASIC, make him ideally placed to give us his take on the current regulatory landscape.
Clare Bolingford, who has joined the Financial Markets Authority in New Zealand from the UK’s Financial Conduct Authority to help bring forward a new conduct regime, tells us how firms can get ahead of a compliance regime to build trust across the sector.
And AFCA’s Chief Operating Officer Justin Untersteiner reveals how the ombudsman received fewer complaints than expected over the course of the pandemic because of the response by the banks and super funds. Though, as he points out, there is much more to play out, especially with the end of JobKeeper later this month.
Rewinding responsible lending laws is also on the horizon, something I will be speaking about at the Responsible Lending Summit, on March 29, giving a keynote presentation on Raising Standards of Conduct and Competence = A Responsible Lending Culture.
FINSIA’s events calendar in March and beyond is also filling up and returning to face-to-face, networking sessions, starting with our unique speed mentoring Current and Future Leaders in Queensland. In New Zealand, Reserve Bank Deputy Governor Geoff Bascand will be at a lunch discussing managing capital.
Two webinars are also scheduled for next week, with the The Hon. Anna Bligh AC, Australian Banking Association CEO, talking about the Business of Banking & The Economic Environment at a special event for those currently enrolled on Professional Banking Fundamentals.
Our Women in Finance 2021 webinar will continue with the International Women's Day #ChoosetoChallenge to create lasting impact to gender and diversity bias.
Find out more about FINSIA, our professionalism efforts and your opportunities here www.finsia.com