Sally Loane has announced she will be leaving the Financial Services Council after seven years as chief executive officer at the policy and advocacy organisation.
The announcement comes a fortnight after the group released its whitepaper on the future of advice, which laid a blueprint for reform that included the abolishment of safe harbour rules, a swap-out of SoAs for Letters of advice and an eventual move to individual adviser registration by 2030.
Loane left a career in journalism and then a media director gig at Coca-cola Amatail to lead the FSC in 2014, making her mark almost immediately with the group’s involvement in the Trowbridge review, which eventaully led to the capping of insurance advice commissions via the Life Insurance Framework laws.
Since, Loane has led numerous advocacy campaigns on behalf of the group’s 111 members comprised of superannuation funds, funds management, life insurance, advice licensees and trustee companies.
In a statement released by the FSC, Loane listed the Trowbridge review, along with the development of life insurance codes and trying to shape the proposed Compensation Scheme of Last Resort, as among the “more significant challenges” she faced.
“I want to acknowledge and thank my chairman David Bryant, former chairs Geoff Lloyd and Greg Cooper, FSC Directors, Deputy CEO Blake Briggs and my entire team for their support and counsel over the years,” Loane said.
“I have enjoyed working collaboratively with industry organisations here and overseas, regulators, politicians, Government bodies, and important stakeholders like consumer bodies, mental health leaders and the medical community.”
Loane was instrumental in advancing gender issues, establishing the Women in Investment Management Charter to encourage diversity in funds management teams and launching the Women, Super and Wealth Summit.
“If one learning stands out, it is how financial independence is a life-changing factor for women, and the role has given me the opportunity to communicate this message,” she said.
The FSC will begin its search for a new chief executive.
Learning on the go is fine when the only negative impact is on yourself.
Industry experience and a true understanding of what you are doing and the direction you are taking, is crucial to a proper outcome.
What has occurred with the Advised Life Insurance Industry, has been a total disaster.
There are lessons to be learned and the number one lesson is, be careful of what you wish for.
The second lesson, is to understand the implications of what you are trying to achieve, which leads us back to experience, or lack of it.