ASFA has become a member of the Finance Industry Council of Australia (FICA), bringing superannuation to the table alongside Australia’s other major financial sector peak bodies for the first time.
FICA is the coordinating body for Australia’s leading financial services industry associations, whose membership includes nine associations across the banking, insurance, investments, and broader financial 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. It’s important that the sector has a seat at the table when issues that cut across the system are being discussed,” said ASFA CEO Mary Delahunty.
“Those issues currently include the Compensation Scheme of Last Resort, protecting Australians from fraud and scams, and regulatory simplification. As the policy agenda evolves over time, ASFA will ensure the superannuation sector – and the Australians whose future financial security depends on it – are represented,” Ms Delahunty said.
“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,” said FICA Chair Andrew Hall.
“The FICA Board is committed to representing a unified voice for the financial services sector on key policy areas that impact all parts. Bringing ASFA’s membership into FICA means we can more effectively advocate for policy settings that reflect how Australians actually engage with financial services throughout their lives and ultimately drive better outcomes for consumers.
“We look forward to working with ASFA on the policy challenges ahead,” Mr Hall said.
For further information, please contact:
Scott Roberts, ASFA Media Lead
mediaunit@superannuation.asn.au
About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry, and the only industry body that represents all parts of the APRA-regulated system.
Our more than 100 members include retail, industry, corporate and public sector funds and their service providers. For over sixty years, ASFA has been the voice of super, advocating for a dignified retirement for all Australians. Through research, advocacy and collaboration, ASFA promotes efficiency, sustainability and trust in Australia’s world-class retirement income system.