About Financial services council
The Financial Services Council (FSC) is a prominent peak body that plays a crucial role in setting mandatory standards and developing policies for over 100 member companies in Australia's largest industry sector, financial services. The FSC is committed to promoting the growth and sustainability of the financial services industry by advocating for policies that support innovation, competition, and consumer protection.
The FSC was established in 2009 as a result of the merger between the Investment & Financial Services Association (IFSA) and the Australian Life Insurance Association (ALIA). Since then, it has grown to become one of Australia's most influential industry bodies with a strong focus on representing its members' interests at both national and international levels.
One of the key roles played by the FSC is to develop policy positions on issues affecting its members. These policy positions are developed through extensive consultation with members, regulators, government agencies, consumer groups, and other stakeholders. The FSC also works closely with government agencies to ensure that regulatory frameworks are effective in achieving their intended outcomes while minimizing unnecessary compliance costs.
In addition to developing policy positions on behalf of its members, the FSC also provides a range of services designed to support their businesses. These include research reports on industry trends and issues; training programs for staff; networking opportunities; access to legal advice; and representation at conferences and other events.
The FSC's membership includes some of Australia's largest financial institutions as well as smaller firms operating across various sectors within financial services. Members benefit from being part of an organization that represents their interests at all levels of government while providing them with access to valuable resources such as research reports, training programs, legal advice, networking opportunities.
One area where the FSC has been particularly active is in promoting innovation within financial services. The organization recognizes that technology is rapidly transforming how consumers interact with financial products and services. As such it has been working closely with regulators to ensure that regulatory frameworks keep pace with technological change while still providing adequate consumer protection.
The FSC has also been a strong advocate for improving financial literacy among Australians. It recognizes that many consumers lack the knowledge and skills necessary to make informed decisions about their finances. To address this issue, the FSC has developed a range of initiatives aimed at improving financial literacy, including online resources, educational programs for schools and community groups, and partnerships with other organizations.
Overall, the Financial Services Council is an essential organization within Australia's financial services industry. Its role in setting mandatory standards and developing policies ensures that its members operate in an environment that is both competitive and consumer-friendly. The FSC's commitment to promoting innovation and improving financial literacy also makes it a valuable resource for consumers looking to make informed decisions about their finances.