The Financial Services Council has rejected suggestions the Trowbridge Report “mimicked” its own submission, defending the “integrity and independence” of the working group process.
In response to InvestorDaily’s publication of elements of the FSC’s private submission to the Trowbridge inquiry on Friday, FSC chief executive Sally Loane issued a right of reply taking issue with the news coverage.
“To suggest the Trowbridge Report mimics the Financial Services Council’s submission to the review … is not only disappointing, it is wrong and attacks the integrity and independence of the Trowbridge process,” Ms Loane said.
“From the outset, there were stringent processes which ensured and protected Mr Trowbridge’s independence.
“In letters published in the Sydney Morning Herald and The Age this week he said: ‘No single submission substantially captures my recommendations because they constitute a synthesis of selected ideas put forward in different submissions and judgments on my part’.
“Clearly, the Trowbridge Report contained recommendations that were his own. This was also reinforced in Mr Trowbridge’s letters, which stated: ‘There was never any agreement that the report would contain a consensus view. It was always going to be my view informed by submissions and input from insurers, advisers, adviser groups, consumer representatives, regulators and others’.”
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