IFSA members approve name change, new focus
Tuesday, 20 July 2010 1:05pm
Colonial First State Investments, AMP, ING Australia were among the big finance firms that backed the Investment & Financial Service Association's new strategy.
IFSA members held an extraordinary general meeting in Sydney yesterday to change the association's name to the Financial Services Council and expand its mandate to more actively engage in economic policy in Australia.
David Deverall, chair of the newly-named association, said the industry has an obligation to speak on broader economic policy issues that affect the nation while also continuing to represent individual sectors.
"The Financial Services Council will continue to be a strong voice on behalf of funds management, superannuation and life insurance industries," he said. Australia's retail and wholesale funds management, superannuation and life insurance industry represents $1.4 trillion in assets according to recent estimates.
Allan Hansell, senior manager, government relations at ING Australia, said the new name and mandate would mean more Australians will recognise the importance of the financial services industry.
"[This] provides a new platform from which the industry can better explain its value proposition to customers and will allow the Council to highlight the important role it plays for the industry in going beyond legislative regulation with self regulation," he said.
"The benefit for ING Australia is that we are able to provide active input to the thinking of the Financial Services Council on these key issues."
Michael Hobbs
