The Investment and Financial Services Association (IFSA) is changing its name to the Financial Services Council (FSC).

The FSC will have an “expanded mandate” that will include a greater focus on actively engaging in economic policy development in Australia.

IFSA CEO John Brogden says the move reflects the growing importance of the financial services industry to the Australian economy, and the role it has played in helping the nation evade the worst aspects of the recent economic crisis.

“As the largest sector in the Australian economy – 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,” he said.

“The size and significance of the financial services sector in the Australian economy will continue to grow.

“This growth demands that we ensure Australia has the best investment, regulatory and business environment for the $1.4 trillion we invest now, and the $5 trillion we will invest in 20 years.

“The Financial Services Council will contribute to policy development on a broader range of issues than IFSA has done in the past and we will continue to advocate on behalf of our members on core issues.”

Mr Brogden says key issues for the FSC will include ensuring Australia has the population to drive future economic growth and reduce the pressures of an ageing population by increasing workforce participation. Tax reform will also be a hot topic, with the FSC advocating the GST be increased and/or broadened, while inefficient state taxes be removed.

More generally, the FSC will support regulatory improvements but will take a strong stand against the adoption of “unnecessary international regulation” that could harm the economy.