Rebuilding trust – a conduct regulator’s perspective

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:

  • Ÿthe importance of trustworthiness as a means of rebuilding trust
  • Ÿthe role of finance, particularly the purposeof the banking and wealth sectors
  • Ÿprofessionalism in finance, and its crucial role in rebuilding trust
  • Ÿhow the identification of the characteristics of a good financial servicesindustry could help finance be more trusted by the community.

Read the full speech (PDF 142KB) 

Media centre

Receive news alerts

Subscribe to news alert emails by sending us your name, title, organisation, email address and contact phone number.

 

Follow us on Twitter @asicmedia

Last updated: 05/04/2018 11:59