The Financial Sector Advisory Council was established by government in 1998, following the Financial Systems Inquiry. FSAC mission was to provide Treasury with advice on developing a competitive and viable financial sector, with fairness.
FSAC members have diverse backgrounds and came from different banking and finance sectors. They include respected business leaders like Maurice Newman AC, Charles Curren AO and Ian MacFarlane, and CEOs who supported the problematic code.
In 2005, the Gail Kelly and Linda Nicholls were FSAC members and had questionable views on fairness. Kelly was ABA Deputy Chair in 2003 when the toxic Code was published and both were St George Bank directors when it supported dual contracts. Wayne Swan re-appointed Ms Kelly in 2008.
In 2012, the FSAC members included Gail Kelly and Bendigo Bank's CEO Mike Hurst, and both were said to be CCMCA members. It was the CCMCA who designed the dual contracts that were submerged below the problematic code. FIND MORE...