The Financial Services Council and Association of Financial Advisers have announced the make-up of their joint insurance and advice working group.
Former Australian Prudential Regulation Authority (APRA) member, John Trowbridge, will chair the Life Insurance and Advice Working Group, established to address the findings of the recent Australian Securities and Investments Commission (ASIC) review of life insurance advice.
The Working Group will also include three representatives from the FSC and three from the AFA. The FSC’s representatives will be:
- John Brogden – FSC CEO
- Andrew Hagger – Group Executive NAB Wealth and CEO of MLC Limited
- Geoff Summerhayes – CEO of Suncorp Life
The AFA’s representatives are:
- Brad Fox – AFA CEO
- John de Zwart – CEO of Centrepoint Alliance
- Jeff Thurecht – AFA NSW State Director, a practicing financial adviser
As independent chair, Mr Trowbridge will convene the working group and facilitate industry and policy solutions. The group will specifically address retail life insurance product structures, the quality of financial advice and distribution and remuneration practices.
Mr Trowbridge was a Member of APRA’s three-person executive team from 2006 to 2010, where he was responsible for life and general insurance and executive remuneration. Prior to his role with the regulator, Mr Trowbridge pioneered general insurance actuarial work in Australia, and held senior management roles with QBE and Suncorp. In 1981 he started Trowbridge Consulting, which grew to become a leading actuarial firm in Australasia and which merged with Deloitte in 2000.
The ASIC report points to some important issues for consumers and the broader Australian community
Mr Trowbridge’s experience spans the private and public aspects of the financial system and ranges from competition in retail financial services, to capital structure issues, system stability, regulation, life and general insurance and banking deregulation.
“The ASIC report points to some important issues for consumers and the broader Australian community,” Mr Trowbridge said. “These are complex and difficult issues for the life insurance and advice industries to solve.”
“I applaud the Association of Financial Advisers and the Financial Services Council in taking the initiative to set up a Working Group which will make a concerted effort to find durable solutions in consultation with all stakeholders.
“I am delighted to contribute to this initiative through leadership of the Working Group,” he said.
A public report on the group’s initial findings will be released in mid-December and a final report is due in February 2015. The Working Group will consult with the regulators and Parliament on its recommendations.
