Actuaries Institute welcomes final Royal Commission report

From

Elayne Grace

The Actuaries Institute welcomes the final report from the Royal Commission into Australia’s banking, superannuation and financial services sectors.

The Royal Commission, which received more than 10,000 submissions, has revealed significant problems that must be addressed across banking, insurance and superannuation.

“The Institute fully supports the cultural change that has been advocated by the Royal Commission and demanded by the public,” said Institute chief executive Elayne Grace.

“The report examines some enormously complex issues and the Institute will take measured steps to assess the recommendations and determine how the actuarial profession can help industry achieve better outcomes for consumers.”

Ms Grace said the Institute, and its members, bring a high level of analytical ability and risk management expertise to policy debates. Actuaries are experts in managing risk but are increasingly applying their skills to managing cultural and nonfinancial risks.

The report has highlighted that the role of professions is critical in delivering a fair, secure and sustainable financial system that meets consumer expectations.

“We look forward to assisting the Financial Services Reform Implementation Committee facilitate a smooth introduction of Commissioner Hayne’s recommendations.” For media inquiries, please

You must be logged in to post or view comments.