Strengthening ties between the financial services industry and regulators will support Australia’s ambition of becoming a regional powerhouse for international investment, industry representatives say.

Representatives of the sector met their regulatory counterparts for the first time last month to thrash out regulatory and industry issues in the first episode of what could be ongoing consultation.

The meeting brought together the board of the Finance Industry Council of Australia (FICA), Australian Mutuals, the Association of Superannuation Funds of Australia, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

The financial services industry was given an update on work by APRA and ASIC to remove duplication, overlaps and inconsistencies in the two regulators’ spheres of influence.
 
FICA consists of the Australian Bankers Association, Australian Finance Conference, Australian Financial Markets Association, Financial Planning Association, the Insurance Council of Australia and the Investment and Financial Services Association.