The Federal Government reshuffle at the weekend has seen Assistant Treasurer Chris Bowen promoted to the Federal Cabinet as the new Minister for Financial Services, Superannuation and Corporate Law, providing top-level representation for the financial services sector and sharpening ministerial oversight of the insurance industry.

Prime Minister Kevin Rudd announced the reshuffle on Saturday following the resignation of former Defence Minister Joel Fitzgibbon.

Mr Bowen now joins the Cabinet as the second Treasury minister, with an additional role as Human Services Minister. His previous responsibilities as Assistant Treasurer included Competition Policy and Consumer Affairs.

Superannuation and Corporate Law Minister Nick Sherry is now Assistant Treasurer, swapping part of his former responsibilities with Mr Bowen. Craig Emerson, whose portfolios include small business, has taken on Mr Bowen’s old role in competition policy and consumer affairs, including oversight of the Australian Competition and Consumer Commission.

A spokesman for Mr Bowen told insuranceNEWS.com.au it’s “business as usual”, although the reshuffle gives the minister control of both the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.

Mr Bowen and Senator Sherry previously shared responsibility for insurance. Mr Bowen handled prudential regulation, foreign investment and affordability issues, while Senator Sherry handled corporate governance issues including financial market conduct, disclosure and investor protection.

National Insurance Brokers Association CEO Noel Pettersen says the move should “strengthen the voice” of the financial services sector at the top levels of government.