Federal Treasurer Joe Hockey has announced four international business members for the advisory panel of the upcoming Financial System Inquiry.
Chief executive of global multi-strategy asset management firm CQS Sir Michael Hintze will join the panel as will head of private equity group at JC Flowers in Europe and Asia Pacific, Dr David Morgan.
Hintze previously held senior roles at CSFB and Goldman Sachs while Morgan was previously the chief executive of Westpac Banking Corporation and a deputy secretary of the Australian Treasury. He has also worked for the International Monetary Fund.
Also appointed to the panel is Jennifer Nason, who is the global chairman of technology, media and telecom investment banking at JP Morgan Chase. She has worked around the world on mergers, acquisitions, debt and equity financing and strategic advisory roles for technology, media and telecommunications companies.
The final member is formal central banker and financial regulator in Asia, Andrew Sheng. Sheng is the former president of the Fung Global Institute, a Hong Kong-based global think tank. He has held senior positions at the World Bank and the Hong Kong Monetary Authority.
"The International Advisory Panel will provide an expert perspective to the Financial System Inquiry on aspects of the Terms of Reference including technological change, Australia's global competitiveness and offshore regulatory frameworks," Hockey said.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.