Professionalism is the key to restoring trust in financial services, comments made at FINSIA’s special session of The Regulators make clear.
All three panellists on the Priorities Updated webinar spoke of the importance of the ongoing strategy to raise standards across the industry.
ASIC’s James Shipton, APRA’s Wayne Byres and the RBA’s Philip Lowe highlighted their support for FINSIA and its “important” work in raising professional standards to “restore trust”.
The comments they made a month before FINSIA and NAB announced the agreement to roll out our qualifications to all 34,000 staff suggests a growing consensus for higher standards of professionalism within financial services.
ASIC chairman Mr Shipton said: “There has never been a greater need for the financial services industry to live up to the professional expectations of the community.
“More than ever before, we – and the community – expect financial services professionals to perform their crucial roles competently and conscientiously.”
He credited the industry for dealing with COVID-19 with the “significant shift in resources and attention to consumer and customer-focused issues.
“This is where professionalism, conscientiousness and competency is so absolutely important.”
Watch the Regulators: Priorities Updated here
APRA chairman Mr Byres said: “I am a long-time member, and a great supporter of FINSIA’s efforts to improve professional practice and standards of conduct across the industry.”
Reserve Bank governor Mr Lowe praised FINSIA’s “work in raising professional standards in Australia's financial sector.”
He added: “This work is helping restore trust in our financial institutions, as is the effort by the institutions themselves to support the national effort to overcome COVID-19.”
Mr Shipton said the good work that was being done by banks and the Regulators had to continue even though it was being “put to the utmost test.
“There's actually things we can collectively do now. And the way is everybody in the industry, participating in this webinar, which is to check in with their customers, their consumers, to see what's happening now.
“Whether the decisions made a couple of weeks ago, a month ago stand.
“Have the health circumstances change. All of us need to collectively lean into this challenge. All of us need to help and assist Australians, customers, consumers, navigate their way through it.”