The Investment & Financial Services Association (IFSA) is changing its name to the Financial Services Council, signalling a move to broaden its reach and influence.

The peak body represents retail and wholesale funds management institutions spanning superannuation, life insurance and investment. But it wants a mandate to speak out on more issues, from tax reform to government macroeconomic policy, population and national infrastructure.

John Brogden, chief executive at IFSA, speaking yesterday at a major luncheon to announce the changes, said that given Australia's financial services sector represents the largest sector in the local economy, it has an obligation to speak about broader economic issues.

"As the custodians of the investments and retirement savings of Australians, we will exert a stronger influence on the economic environment in which we invest on their behalf," said Brogden.

IFSA is meeting with its members next month to authorise required changes to its constitution.

Brogden highlighted a number of key issues the Financial Services Council would focus on, including advocating for a ‘Big Australia', which involves capping wages and inflation and reducing the fiscal burden of an ageing population.

As part of this strategy, the council will lobby for greater workplace participation rates for older workers. It will also champion further tax reform especially increasing the goods and services tax (GST) that would be offset by removal of more state taxes.

The FSC will additionally seek to prevent unnecessary financial regulation from being introduced by the government as a result of the experiences in the US and Europe. Brogden cited the bank transaction tax being discussed in the UK and Europe and at this weekend's G20 Summitt as an example of regulatory responses that have no purpose in Australia.

"Instead, we should be looking to be a net exporter of financial regulation," he said.