Financial service providers, including insurers, have been urged to back up words with action to address the consumer trust deficit.

Australian Securities and Investments Commission (ASIC) Chairman James Shipton in May held the industry responsible for consumers losing faith, as the Hayne royal commission exposed the depth of misconduct at some of the country’s biggest financial groups.

Last week he told the Financial Services Council Summit that “now is the time to move from rhetoric to reality when it comes to rebuilding trust”.

“There has been a great deal of talk, indeed rhetoric, around the trust deficit and the cultural reforms needed in finance.

“There is a window of opportunity right now to leave a legacy that ensures the industry does not make the same mistakes again in the future.”

He has outlined a three-point plan, which includes rethinking the way top executives engage with ASIC and other regulators. Discussions with industry have revealed the lack of a coherent and consistent communications strategy.

“What’s worse, as the royal commission hearings have highlighted, some of these dealings with regulators are totally unacceptable and arguably illegal,” Mr Shipton said.

“So I want to encourage industry leaders to ask themselves if they have a clear strategy for engaging with ASIC and other regulators.”

Urging immediate action, he said the time to act is now. “The practical reality is that all of these changes take time to implement. Accordingly, time is of the essence.”