The Association of Superannuation Funds of Australia has joined the Finance Industry Council of Australia (FICA), marking the first time the superannuation sector has formally been represented within the peak co-ordinating body for Australia’s financial services industry associations.
FICA represents major industry bodies across banking, insurance, investments and the broader financial services sector, with ASFA becoming its newest member.
ASFA chief executive, Mary Delahunty, said the move reflected superannuation’s growing importance within Australia’s financial system, particularly as policymakers grapple with issues affecting multiple parts of the 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,” Delahunty said.
She said those issues included the Compensation Scheme of Last Resort (CSLR), fraud and scam protections, and regulatory simplification measures.
“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,” Delahunty said.
FICA chair, Andrew Hall, said the addition of ASFA would strengthen the organisation’s ability to provide co-ordinated policy advice to the government across the financial system and that he looked forward to looking with ASFA on future policy challenges.
“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 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.”
