The former Investment and Financial Services Association has ratified the organisation’s name change and expanded mandate to become the Financial Services Council (FSC).

Chairman David Deverall says the new name reflects the now-FSC’s wider focus and its intention to be more active in the development of economic policy in Australia.

“Financial services is the largest sector in the Australian economy,” he said. “It is responsible for managing the savings of all working Australians and facilitating investment throughout all industries.

“We have an obligation to speak on broader economic policy issues that affect the nation.”

The FSC has pledged to work with legislators, regulators and stakeholders to ensure a strong investment and business environment.

The council represents the $1.4 trillion retail and wholesale funds management, superannuation and life insurance industries.