Financial Services Reform Act: Seven months on
An address by Ian Johnston, ASIC's Executive Director, Financial Services Reform to the NIBA conference, Adelaide, 20 October 2002.
Good afternoon. It is with great delight that I return to speak to you at this year's conference.
Although I note that this year I have only 30 minutes so I have had to be ruthless in selecting my jokes…
'FSRA seven months on' is my topic for discussion. A lot can happen in seven months: Reflections on Last Year: Post Sept 11 Environment and now it is only one week after events in Bali. Both events impact directly on this industry, but are heartbreakingly wider.
Since 11 March 2002 this year there has been over 148,000 new Australians born; the Federal Government has injected over $3 million into its National Crime Prevention Program; the Bracks' government in Victoria has collected around $140 million in speed-camera fines; and most importantly Financial Services Reform has become a very real part of our lives. Speeding fines and FSRA share a quirky similarity – both have potentially adverse cost implications in the short-term and both have the effect of causing changes in behaviour. Some would also say they share the same level of popularity – but with FSRA we think you should be licensed to operate the bus but are happy for you to drive it as fast as you like.
FSRA is a journey that has been many years in the planning… Today I propose to revisit the journey thus far – I will start by reviewing how the FSRA objectives marry-up with the Financial Systems Inquiry recommendations, I will then fill you in on ASIC's experience to date and I will close by touching on a couple of hot issues for the industry.