the Forum program - Australian Securities and Investments

ASIC ANNUAL FORUM 2015
23 & 24 March 2015 – Hilton Sydney, Australia
Creating confidence to grow
The 20th ASIC Annual Forum will explore how regulation provides the
framework for a resilient and dynamic financial system that fosters growth
in the real economy and benefits all Australians.
Over two days, the Forum will discuss the balance between growth and
stability, challenge the assumption that regulation inhibits innovation and
ask how we can boost consumer trust and confidence, and therefore
participation, in our financial system.
Program
(as at 13 February 2015 – subject to change)
1
MONDAY 23 MARCH 2015
Day 1 – Regulating for growth
8.50 am – 9.20 am
Opening and welcome address
Greg Medcraft, Chairman, ASIC
9.20 am – 10.40 am
Plenary session 1: Growth and stability – choice or
challenge?
Keynote address: Sir Paul Tucker, Senior Fellow, Harvard Kennedy
School
Is there a trade-off between allowing markets to operate unencumbered to
support growth, and achieving stability and consumer protection? How
important is investor trust and confidence to allowing markets to perform
their fundamental purpose of funding the real economy, which, in turn,
supports economic growth? What role does regulation play in creating the
framework for markets to operate efficiently and what does good regulation
look like?
Moderator: Cathie Armour, Commissioner, ASIC
Panel
Dr John Laker AO, Former Chairman, APRA
Michael R P Smith, Chief Executive Officer, ANZ Banking Group
Catherine Livingstone, President, Business Council of Australia
10.40 am – 11.10 am
Morning break
11.10 am – 12.30 pm
Plenary session 2: Creating confidence – the
international dimension
Keynote address: Vikram S. Pandit, Chairman, TGG Group
A core challenge for regulators and participants is increasingly
interconnected global financial markets. How can regulators and product
and service providers cooperate to inspire trust and confidence in rapidly
globalising markets?
Moderator: Greg Medcraft, Chairman, ASIC and IOSCO Board Chair
Panel
Graham Hodges, Deputy CEO, ANZ Banking Group
Marcus Robinson, Head of SwapClear Australia, LCH Clearnet
Kevin Nixon, Partner, FSI Risk & Regulatory Leader, Deloitte
12.30 pm – 1.15 pm
Lunch
2
1.15 pm – 2.00 pm
Meet the Commission
Moderated panel discussion
ASIC’s Commissioners will outline the priorities for the year ahead, along
with taking questions from the floor.
Moderator: Ticky Fullerton, Journalist and Presenter, ABC,
The Business
Panel
Greg Medcraft, Chairman
Peter Kell, Deputy Chairman
Cathie Armour, Commissioner
John Price, Commissioner
Greg Tanzer, Commissioner
2.00 pm – 3.30 pm
Plenary session 3: Digital disruption and the future of
the financial sector
Keynote address: Paul Schulte, Director, Schulte-Research
Digital disruption is changing the way businesses operate. What are the
opportunities and challenges that come with digital disruption, and what
impact will it have for financial products and services? What does it mean
for regulation?
Moderator: Greg Tanzer, Commissioner, ASIC
Panel
Matt Symons, Co-founder and Chief Executive Officer, SocietyOne
Jacob Hook, Partner, Oliver Wyman
Peter Williams, Chief Edge Officer, Centre for the Edge, Deloitte
Australia
Associate Professor Kai Riemer, Chairman, Digital Disruption
Research Group, The University of Sydney Business School
3.30 pm – 4.00 pm
Afternoon break
4.00 pm – 5.30 pm
Concurrent sessions 1, 2 & 3
1. Laying the foundations – funding infrastructure in Australia
It is estimated that Australia currently has an infrastructure funding gap of at
least $300 billion. How do we develop the right financing instruments to
encourage private investment in infrastructure assets? How else can our
financial system support Australia's growing infrastructure needs?
Moderator and presenter: Mark Burrows AO, Managing Director & Vice
Chairman, Global Investment Banking, Credit Suisse
Panel
Rosemary Vilgan, Chief Executive Officer, QSuper
Frank Kwok, Head of Australia and South East Asia, Macquarie
Infrastructure and Real Assets
Brendan Lyon, Chief Executive. Infrastructure Partnerships Australia
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2. Going public – making the transition
Public listing is the aim of many businesses. This session will explore the
benefits and challenges of listing, consider trends such as backdoor listing
and discuss how companies can successfully promote investor confidence
in making the transition from private to public.
Moderator: Kate O'Rourke, Senior Executive Leader, Corporations,
ASIC
Panel
Melinda Conrad, Non-Executive Director, OzForex Group
Kevin Lewis, Chief Compliance Officer, ASX Compliance
Philippa Stone, Partner, Herbert Smith Freehills
3. Vertically integrated business models – the right consumer
outcomes?
Vertically integrated business models have become more common in the
financial industry. How legitimate are the concerns around vertical
integration? How do we address the potential conflicts that may arise under
such models, whilst still allowing businesses to grow?
Moderator and presenter: Greg Chipman, Executive Director Financial
Services, EY
Panel
Tony Gill, Chairman, Australian Finance Group
Claire Mackay, Director, Quantum Financial
Geoff Lloyd, Managing Director and Chief Executive Officer, Perpetual
Limited
Steven Münchenberg, Chief Executive Officer, Australian Bankers'
Association
4
ASIC ANNUAL DINNER
Can the financial industry regulate itself?
5.30 pm – 6.30 pm
Pre-dinner drinks
6.30 pm - 9.30 pm
Dinner with keynote address and panel discussion
Welcome: Greg Medcraft, Chairman ASIC
Keynote speaker/moderator: Alex Malley, Chief Executive, CPA
Australia
What does good co-regulation look like? What are the incentives for the
financial sector to effectively regulate itself? How do we strike the balance
between regulatory oversight and protecting consumers? Should industry
bodies be expected to manage multiple roles such as co-regulation and
advocacy?
Panel
Elmer Funke Kupper, Managing Director and Chief Executive Officer,
ASX Limited
Dimity Kingsford Smith, Professor of Law, University of NSW
Shane Tregillis, Chief Ombudsman, Financial Ombudsman Service
5
TUESDAY 24 MARCH 2015
Day 2 – Boosting investor confidence
8.30 am – 9.50 am
Plenary session 4: A financial system for an ageing
population
Keynote address: John Piggott, Australian Professorial Fellow and
UNSW Scientia Professor; Director, ARC Centre of Excellence in
Population Ageing Research
Australia is facing a rapidly ageing population. How does the financial
system need to adapt to this changing landscape? How can we ensure that
Australians can be confident that they will be supported in the long term?
What products are required to fund our retirement needs?
Moderator: Peter Kell, Deputy Chair, ASIC
Panel
John Lonsdale, Executive Director, Treasury
Brian Wilson, Chair, Foreign Investment Review Board
Jenni Mack, Chair, Superannuation Consumers Centre
9.50 am – 10.15 am
Morning break
10.15 am – 11.45 am
Concurrent sessions 4, 5 & 6
4. Restoring the integrity of wholesale markets
Global scandals such as LIBOR and forex manipulation, mis-selling of
CDOs and rogue trader incidents have eroded confidence in wholesale
markets. This has, in turn, flowed onto retail markets. How can we drive
appropriate conduct to restore confidence in the sector, and what role does
industry play?
Moderator and presenter: Stephen Roberts, Chair, Australian Financial
Markets Association
Panel
Alison Barker, Head of Department-Infrastructure & Trading Firms,
Supervision Division, UK Financial Conduct Authority
Karen Phin, Non-executive Director, Magellan Financial Group
Drew Bradford, Executive General Manager, Fixed Income,
Currencies & Commodities, National Australia Bank
5. Empowering consumers
What role does financial literacy play in ensuring consumers make optimal
financial decisions? How can improving financial literacy contribute to
better outcomes for businesses, regulators as well as consumers?
Moderator: Miles Larbey, Senior Executive Leader, Financial Literacy,
ASIC
Panel
Jane Nash, Head of Corporate Sustainability & Financial Inclusion,
ANZ Banking Group
Professor Roslyn Russell, School of Economics, Finance and
Marketing, RMIT University
Christopher Zinn, Campaigns & Communications Director, Adviser
Ratings
6
6. Remuneration – incentivising without the hazard
It has been argued that remuneration structures have been a major driver
of the poor behaviours seen in the financial industry. How do we address
the tension between incentivising employees and ensuring that customers’
interests are put first?
Moderator: Joanna Bird/Louise MacCaulay, Senior Executive Leader,
Financial Advisers, ASIC
Panel
Air Commodore Robert M C Brown AM, Chairman, ADF Financial
Services Consumer Council
Jim Minto, Group CEO & Managing Director, TAL
Simon Swanson, Managing Director, ClearView
Sally Loane, Chief Executive Officer, Financial Services Council
11.45 am – 1.00 pm
Lunch
Distinguished guest speaker
1.00 pm – 2.30 pm
Concurrent sessions 7, 8 & 9
7. ASIC v The Cash Store – what does it mean for the credit industry?
The first court decision on the responsible lending obligations was handed
down in August 2014. What are the implications for lenders and
intermediaries? Have lenders and brokers changed their processes?
Moderator and presenter: Stephen Cavanagh, Partner HWL Ebsworth
Panel
Thomas Beregi, Chief Executive Officer, Credit Corp Group
Philip Field, Lead Ombudsman – Banking & Finance, Financial
Ombudsman Service
Michael Funston, Senior Manager (Legal and Compliance), Customer
Owned Banking Association
8. Is litigation the answer?
Negotiated outcomes, such as enforceable undertakings (EUs) can offer a
more efficient regulatory outcome than administrative or civil action.
However, they have also been criticised for their lack of transparency and
lighter penalties. How fair are these criticisms? Should EUs always be
pursued prior to engaging in litigation?
Moderator and presenter: Suzanne Le Mire, Senior Lecturer, Adelaide
Law School, University of Adelaide
Panel
Bob Baxt AO, Emeritus Partner, Herbert Smith Freehills
David Cohen, Group Executive & Group General Counsel,
Commonwealth Bank
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9. Seller beware?
What responsibility do advisors have when selling products and how far
should regulation go in protecting consumers? Do we need to introduce
suitability requirements for financial products, or should the regulator have
broader powers of intervention if a market segment is generating very bad
consumer outcomes?
Moderator and presenter: Katherine Forrest, Partner, King & Wood
Mallesons
Panel
Kate Olgers, General Counsel, Banking, Products & Markets, National
Australia Bank
Dimity Kingsford Smith, Professor of Law, University of NSW
2.30 pm – 2.50 pm
Afternoon break
2.50 pm – 3.50 pm
In depth: What is the role of trust in the financial
industry?
As the financial industry has recently seen – trust takes time to build, but
can be quickly lost. What do industry and regulators need to do to rebuild
trust in the financial sector, and how can we work together to achieve this?
In-depth moderated discussion
Moderator: TBC
Discussants
John Brogden, Chief Executive Officer and Managing Director,
Australian Institute of Company Directors
Adele Ferguson, Journalist & Author, Fairfax Media
3.50 pm – 5.10 pm
Plenary session 5: The post-Murray financial system
Financial System Inquiry insiders and key regulators will discuss progress
towards an efficient, resilient and fair financial system that facilitates
economic growth and meets the financial needs of all Australians.
Moderated discussion and Q&A
Keynote speaker: David Murray, Chair, Financial System Inquiry
Panel
Greg Medcraft, Chairman, ASIC
Kevin Davis, Professor of Finance, University of Melbourne; Research
Director, Australian Centre for Financial Studies; Professor, Monash
University
Malcolm Edey, Assistant Governor, Financial System, Reserve Bank
of Australia
Helen Rowell, Member, Australian Prudential Regulation Authority
5.10 pm – 5.30 pm
Closing remarks
Greg Medcraft, Chairman, ASIC
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