ASFA joins Finance Industry Council of Australia

The Association of Superannuation Funds Australia (ASFA) has joined the Finance Industry Council of Australia (FICA), marking the first time the superannuation sector has formally been represented within the peak coordinating body for Australia's broader financial services industry.

FICA's membership now spans nine industry associations across banking, investments and broader financial services, with ASFA's inclusions bringing Australia's $4.5 trillion superannuation sector directly into cross sector policy discussions.

ASFA chief executive Mary Delahunty said superannuation has become a central pillar of Australian financial system and needed representation in policy debates affected the wider sector.

"With over $4.5 trillion in assets under management and 18 million Australians with an account, superannuation is one of the cornerstones of Australia's financial system," Delahunty said.

"It's important that the sector has a seat at the table when issues that cut across the system are being discussed," she said.

Delahunty noted current priorities included the Compensation Scheme of Last Resort, scam and fraud protections, and regulatory simplification with ASFA aiming to ensure superannuation perspectives are reflected as the policy agenda evolves.

The move comes as policymakers increasingly examine interconnected risks across the financial system, particularly around consumer protection retirement adequacy, regulation and digital fraud.

FICA chair Andrew Hall said ASFA's inclusion would strengthen the organisation's ability to deliver coordinated policy advice to government across the financial services landscape.

"Superannuation is integral to Australia's financial system, and its inclusion in FICA strengthens our ability to provide government with cohesive, whole-of-system policy advice spanning banking, insurance, investment and retirement," Hall said.

The addition of ASFA also reflected the growing policy significance of the superannuation sector as retirement savings pools continue to expand and super funds play an increasingly influential role across capital markets, infrastructure investment and financial systems.