An Australian financial services council has been formed in a bid to address pressing international and domestic issues affecting providers of financial services.

The Finance Industry Council of Australia (FICA) – whose members include key identities in the local market – will aim to give a better and more prompt response to regulatory and market developments affecting the overall sector.

FICA Chairman Ken Farrow says the group has been meeting informally for years, but needed a more formal structure.

“The catalyst for the formation of FICA was essentially the unified and cooperative approach that the Australian financial services industry took to working through industry reform in the areas of corporate governance and reform of financial services legislation,” he said.

The FICA board members are Australian Bankers’ Association CEO David Bell, Australian Finance Conference Executive Director Ron Hardaker, Australian Financial Markets Association CEO Ken Farrow, Insurance Council of Australia Executive Director Alan Mason, and the Investment and Financial Services Association CEO Richard Gilbert.

The council will advise the Federal Government of the effects on industry of emerging international and domestic issues such as the costs of regulation and compliance for the industry.