In 2014, I was asked by the Chair of Australia’s financial regulator ASIC, Greg Medcraft, to join ASIC’s External Advisory Panel.

The purpose of the Panel is to channel senior level advice from the financial services industry to ASIC so that ASIC can gain a deeper understanding of developments and systemic risks within the financial services industry.

As the youngest member and the only financial planner representative, I was honoured to have been appointed to this Panel.

Since then, a number of clients have asked me about my experiences on the Panel, particularly with the high profile individual members. Clearly I must adhere to confidentiality as our discussions are open and frank. However, there are a number of common themes I have identified that I can share.

Common purpose – While the Panel members come from a wide range of backgrounds representing finance, politics, academia, the regulator, IT; there is a common belief in the positive contribution that the finance sector provides to society and a strong wish to continually improve the sector.

Multitude of ideas – When you have Australia’s longest serving Federal Treasurer, the CEO of Google, the Chair of ANZ, the head of the Ethics Centre, the former head of Choice, a number of directors of the Big 4 Banks, and a range of other equally impressive people in the room; the quality of practical and actionable ideas put forward is incredibly thought provoking.

Collegiate & willingness to share – As a recently appointed Panel member, I have been touched by the willingness of my senior and time-poor professional peers who have taken the time to offer me feedback, guidance and mentoring advice.

Opportunity to make a difference – In May 2015 I was asked to make a presentation to my fellow Panel members and ASIC leadership on the future of financial advice. After initially sounding out senior professional peers I respect for their ideas, I put together a summary of the key issues I believed the Panel should be cognisant of. Without going into the specifics, I covered the topics of advisor education, how we deal with bad advice, and how we can better protect consumers.

I passionately believe the future of financial planning professionalism is incredibly bright and if you have any comments, ideas or feedback you’d like to share with me, please let me know!

External Advisory Panel Members

  • Mark Johnson AO (Chair)
  • Maile Carnegie (Deputy Chair)
  • Melinda Cilento
  • Craig Dunn
  • Paula Dwyer
  • Tony Gill
  • David Gonski AC
  • Fiona Guthrie
  • Professor Jennifer Hill
  • Professor Dimity Kingsford-Smith
  • Dr John Laker AO
  • Dr Simon Longstaff AO
  • Andrew Love
  • Jenni Mack
  • Claire Mackay
  • Andrew Mohl
  • Dr Sally Pitkin
  • Ian Silk
  • John Trowbridge
  • President of the Business Council of Australia (currently Catherine Livingstone AO)
  • Chairman of the Future Fund Board of Guardians (currently Peter Costello AC)

__________________________

Claire Mackay LLB LLM BCom CA CFP CTA

I am a financial planner, SMSF expert and company director. I thrive on providing independent, expert financial advice to my wonderful clients. I was recognised as Financial Planner of the Year 2015 and Investment Adviser of the Year 2014.

To contact me, speak to my team on 02 8084 0453. Please feel free to connect with me on Twitter or visit my personal website. You can also visit the Quantum Financial website.