{"id":27763,"date":"2014-10-17T11:36:14","date_gmt":"2014-10-17T00:36:14","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=27763"},"modified":"2024-10-10T07:25:13","modified_gmt":"2024-10-09T21:25:13","slug":"john-trowbridge-to-chair-fsc-afa-working-group","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/10\/17\/john-trowbridge-to-chair-fsc-afa-working-group\/","title":{"rendered":"John Trowbridge to Chair FSC, AFA Working Group"},"content":{"rendered":"<p><span style=\"font-size: 14px; line-height: 1.5em;\">The Financial Services Council and Association of Financial Advisers have announced the make-up of their joint insurance and advice working group.<\/span><\/p>\n<p><!--more-->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.<\/p>\n<p>The Working Group will also include three representatives from the FSC and three from the AFA. The FSC\u2019s representatives will be:<\/p>\n<ul>\n<li><strong>John Brogden<\/strong> \u2013 FSC CEO<\/li>\n<li><strong>Andrew Hagger<\/strong> \u2013 Group Executive NAB Wealth and CEO of MLC Limited<\/li>\n<li><strong>Geoff Summerhayes<\/strong> \u2013 CEO of Suncorp Life<\/li>\n<\/ul>\n<p>The AFA\u2019s representatives are:<\/p>\n<ul>\n<li><strong>Brad Fox<\/strong> \u2013 AFA CEO<\/li>\n<li><strong>John de Zwart<\/strong> \u2013 CEO of Centrepoint Alliance<\/li>\n<li><strong>Jeff Thurecht<\/strong> \u2013 AFA NSW State Director, a practicing financial adviser<\/li>\n<\/ul>\n<p>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.<\/p>\n<p>Mr Trowbridge was a Member of APRA\u2019s 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.<\/p>\n<blockquote><p>The ASIC report points to some important issues for consumers and the broader Australian community<\/p><\/blockquote>\n<p>Mr Trowbridge\u2019s 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.<\/p>\n<p>\u201cThe ASIC report points to some important issues for consumers and the broader Australian community,\u201d Mr Trowbridge said. \u201cThese are complex and difficult issues for the life insurance and advice industries to solve.\u201d<\/p>\n<p>\u201cI 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.<\/p>\n<p>\u201cI am delighted to contribute to this initiative through leadership of the Working Group,\u201d he said.<\/p>\n<p>A public report on the group\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Services Council and Association of Financial Advisers have announced the make-up of their joint insurance and advice working group.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249,282,8],"tags":[],"class_list":["post-27763","post","type-post","status-publish","format-standard","category-appointments","category-associations","category-compliance-regulation","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=27763"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27763\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=27763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=27763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=27763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}