Wake-up call from Singapore
By Matthew Drummond, the Australian Financial Review
The article reports, a potential takeover of the ASX by the Singapore Exchange (SGX) raises the issue of whether such a deal would be in the national interest. It is especially a concern for Australia in terms of its ambition to become a leading financial services centre in the Asia-Pacific region. Quoting Finsia CEO Dr Fahy, the article reports: "An exchange lies at the heart of a country’s financial services industry… We need to make sure that the wider set of interests and contributions which an exchange makes to a national economy aren’t being compromised."
Paper debunks myths on women as leaders
By Caris Bizzaca, Sydney Morning Herald
The article reports, Finsia has released a new policy exposition paper which has found Australian beliefs about the role of women are creating barriers for female employees seeking to gain leadership positions in business paper. Titled: `Seven Myths about Women and Work', the paper highlights excuses justifying the small number of women in leadership positions in Australian business. Finsia CEO Dr Fahy said this new paper is calling for the social and cultural issues draining Australia's talent pool to be examined. Quoting Fahy, the article reports: "We felt that in order to address these
complex and often unconscious barriers it is necessary to acknowledge, define and analyse the most potent beliefs and challenge their legitimacy," he said.
Radical change needed to tackle gender inequality
By Caroline Munro, Money Management
This article reports, Finsia is attempting to address the issue of the gender divide in financial services through its policy campaign which includes examining the social and cultural issues contributing to the lack of women in leadership positions in the industry and highlighting the attitudinal and systematic barriers that have ‘perpetuated’ the gender divide. Quoting Finsia CEO Dr Fahy in response to the release of the 2010 Australian Census of Women in Leadership report by the Equal Opportunity for Women in the Workplace Agency, the article reports: "What's required is a
radical change in norms and behaviours within our workplaces, to close the gap between policy, practice and attitudes."
Domestic exchanges on the way out
By George Liondis, Australian Financial Review
This article reports, the Australian Stock Exchange will in the future be part of a much larger regional sharemarket where the largest companies in Asia will be traded. Last week, the ASX commented that although a deal is not imminent they have been in talks with other exchanges about forging business relationships. Quoting Finsia’s CEO Dr Martin Fahy, the article reports: "We could see it [the ASX] evolve where top stocks in this country are traded on multiple exchanges in Asia, like the environment you have in Europe." Fahy, however, went on to warn: "We need to have a mechanism for
channeling capital to mid- and small-cap stocks and that could potentially be a casualty if there is any regional integration."
Smart thinking the key for financial services
By Martin Fahy, The Australian
The article reports, while the regulatory response to the GFC and the reform in the landscape will bring challenges for the industry, it also provides an opportunity to implement meaningful changes to the way the industry conducts itself. Australia’s potential to become a regional financial services centre will increasingly depend on the reputation of its people. Finsia’s CEO Dr Martin Fahy reports: "Sound regulatory outcomes must be backed by powerful social norms, underpinned by professional credentials not just rules and sanctions." Fahy believes, "Australia needs to invest
more heavily in its core advantage, its people."
Finsia support plea
This article reports, Finsia supports call for political comment to improve the quality of financial services and advice. Quoting Finsia’s CEO Dr Martin Fahy, the article reports: "Regardless of the political outcome of this election, we would hope that the important progress already made in the area of financial advice and superannuation is carried forward by the next government,"
A leader for the financial services industry: interview with Martin Fahy
By Judith Tydd, BRW
In this interview, Finsia’s CEO Dr Martin Fahy discusses his determination to bring about genuine change in an industry plagued by suggestions of unprofessionalism and distrust. Fahy discusses Finsia’s structured mentoring program which has been introduced into its membership base to address these types of issues formally. The program will teach and examine technical knowledge in areas such as risk, compliance, understanding asset clauses, as well as evaluating professional skills, including behaviour and conduct. Quoting Fahy, the article reports: "What we know is that
professional conduct and strong professional behaviours are learned behaviours – you learn from doing but it’s who you learn it from that’s significant." Fahy continues, "If you look at law or accounting, professional conduct is a powerful social norm. It’s about people self-regulating in a way where they govern their own behaviour."
SMFSs can create risks for retirees in old age, says FINSIA
By Mike Taylor, Money Management
The article reports, new research released by Finsia has found that the operational risks associated with self-managed superannuation funds (SMFS) as retirees age and are no longer capable of managing the funds have not been adequately addressed. Finsia’s research took the form of a health check of Australians’ financial wellbeing in retirement, it warned that while plenty of attention had been directed at retirement incomes as a result of the Ripoll Inquiry and the Cooper Review, there remains a disconnect between the average Australian and their retirement needs. Quoting
Finsia’s CEO Dr Martin Fahy, the article reports: "Paradoxically, just as poor decision-making in relation to retirement can often be due to a lack of available information, there is also a risk of further disengagement by offering too much choice."
Bridging the big gender divide
By Martin Fahy, the Australian
In this article Dr Fahy reports, recent indicators have illustrated that despite often entering the industry at similar levels to men, many women are overlooked, underpaid, and severely under-represented at executive level, particularly within Australia’s financial services industry. Many women feel it’s almost impossible to progress to executive level in such a male-dominated environment and that this is unlikely to change. Male finance professionals, on the other hand, feel much has been done already and that women now have the same opportunities as men. Fahy stresses that
what is required is a radical change in norms: "Failing to increase the level of female participation within financial services will have a significant impact on our industry and the economy. Wide cultural acceptance of equal female employment and a desire to enforce this is required, if we are to truly address the gender divide."