Media Releases

The RBA “fit for the future” review released by Treasurer Dr Jim Chalmers has been welcomed by FINSIA CEO and Managing Director Yasser El-Ansary F FIN.

“The overhaul of interest rate-setting decisions with the establishment of a ‘more expert Monetary Policy Board’ is a sensible and well-considered change to the approach adopted to the setting of official cash rates”, said Mr El-Ansary.

FINSIA today congratulates Ms Michelle Levy on the depth of analysis and thinking she has set out in the Quality of Advice Review Final Report, and welcomes the Federal Government’s commitment to consult on the adoption of the recommendations and to ‘get the balance right’ in reforms.

Australia is set for two more interest rate rises in 2023, according to leading economists speaking at the prestigious FINSIA/Australian Property Institute Economic Indicators event today.

FINSIA today congratulates Mr John Lonsdale on his appointment as new APRA Chair effective from 31 October 2022. “APRA’s role within our financial services sector is a vitally important ingredient in safeguarding the stability and resilience of banks, superannuation funds and insurance companies. Mr Lonsdale has a demonstrated track record of deep experience and expertise in the financial services sector and the regulatory environment, and he is highly respected amongst all leaders across the sector,” said Yasser El-Ansary, Chief Executive Officer & Managing Director of FINSIA.

APRA Chair Wayne Byres used his final public speech at a FINSIA lunch to highlight the work the prudential regulator
has been carrying out to reinforce lending standards. Mr Byres – a Senior Fellow at FINSIA who is bowing out after eight years in charge at the Australian Prudential Regulation Authority – made a wide-ranging speech to reflect on themes that have dominated his tenure. Drawing on the housing market, which he described as a ‘constant feature’ and ‘Australian obsession’, he highlighted how the prudential regulator had been working ‘behind the scenes’ to reinforce lending standards.

The Joint Associations Working Group (JAWG) welcomes the publication of the Quality of Advice Review (QOAR) Proposal Paper. The Quality of Advice Review is critically important given its focus on how to improve the current system of providing financial advice for the benefit of all consumers. This Proposal Paper demonstrates the Federal Government’s ongoing commitment to an independent review aimed at identifying suitable ways to improve access to quality, affordable and accessible financial advice for all Australians.

FINSIA CEO and Managing Director Yasser El-Ansary paid tribute to APRA Chair Wayne Byres, who has announced he is standing down from his role at the prudential regulator. The Senior Fellow who has had a three-decade association with FINSIA, having been a member of both predecessor bodies: the Australasian Institute of Banking and Finance and the Securities Institute of Australia, will be leaving his role in October.

FINSIA – the professional membership body for the financial services industry – today welcomed the Anthony Albanese Government initiative to put the Australian economy centre stage with a Jobs and Skills Summit in September. The two-day summit that will bring together key stakeholders to address the challenges facing the country is an ideal opportunity for financial services to play a significant role in steering us away from recession, FINSIA CEO and Managing Director Yasser El-Ansary said.

The Joint Associations Working Group (JAWG) has collaborated to lodge a submission to Treasury’s Quality of Advice Review calling for a more consumer-focused regulatory approach, reduced costs, and greater recognition of professional judgement. Existing regulatory requirements are confusing, complex, and overwhelming and mandate a one-size-fits-all advice process that neither caters for, nor considers, the individual needs and circumstances of each consumer. This could be addressed by ensuring advice is less costly to produce and presented in a way that is meaningful and more easily understood by individual consumers, under a principles-based, consumer-focused regulatory framework that encourages professional judgement.

The announcement of ministerial responsibilities within the new Albanese Government establishes a solid foundation upon which a broad-based policy reform agenda should be built, according to FINSIA – the Financial Services Institute of Australasia.