Regulatory address by James Shipton, Chair, Australian Securities and Investments Commission, delivered at the AFR Banking and Wealth Summit 2018, Sydney Australia, 5 April 2018
Introduction
It is a critical time for the banking and wealth industry, and the theme for this conference – ‘Rebuilding trust’ – is very fitting. I can see your agenda is filled with pertinent topics, including many subjects we examined at the ASIC Annual Forum a few weeks ago.
I also know you had a very productive day yesterday. In particular, I wanted to endorse the comments made by the Australian Prudential Regulation Authority (APRA) Chairman, Wayne Byres. For those of you who missed his remarks, I commend his speech to you – particularly the important conclusions coming from APRA’s recent review of remuneration practices.
And, for me, I now would like to expand on some of the points I made at the ASIC Annual Forum recently. In doing so, I want to give you a conduct regulator’s perspective on the challenges, and opportunities, the banking and wealth industry faces in relation to rebuilding trust.
In doing so I’d like to speak about:
- the importance of trustworthiness as a means of rebuilding trust
- the role of finance, particularly the purposeof the banking and wealth sectors
- professionalism in finance, and its crucial role in rebuilding trust
- how the identification of the characteristics of a good financial servicesindustry could help finance be more trusted by the community.