NIBA CEO Dallas Booth has welcomed the appointment of The Hon Kelly O’Dwyer MP as Minister for Revenue and Financial Services in the new Turnbull Government sworn in yesterday. The Minister previously had the title of Assistant Treasurer.
The Government announced a comprehensive reform agenda for financial services earlier this year, and NIBA looks forward to working with Minister O’Dwyer and the Government on the implementation of that agenda.
Reforms include the regulation of commissions in life insurance, higher standards of education, ethics and professionalism in financial advice, greater powers for ASIC, and the implementation of the recommendations of the Financial System Inquiry. Industry funding of ASIC will also be a key issue for all areas of financial services, including insurance broking.
NIBA will be carefully scrutinising all Government proposals affecting financial advice, to ensure they operate in a fair, equitable and appropriate manner, and that they address the real issues and concerns that have emerged in recent years.