What is the financial council?
The Financial Council is a coordinating body for Australia’s main financial regulation agencies. It’s main purpose is to ensure effectiveness and efficiency of financial regulation and promote the stability within the financial system in Melbourne as well as in other states and territories including Adelaide, Sydney, Perth, Queensland.
The Financial Services council sets mandatory standards and policy for over 100 member companies, who all share and distribute relevant information, share regulatory issues and mitigate potential threats to financial stability by coordinating responses.
Financial Council in Australia does this to ensure that there are competitive, effective and fair financial systems in place and it does this by:
- Addressing important issues and trends in the financial system, in particular those that have potential to disrupt financial stability overall
- Circulating information and perspectives about financial regulation and coordinating where there is overlap in member responsibilities
- Coordinating regulations and reporting with special regard to cost
- Liaising between agencies to streamline planning and response times in the occurrence of financial instability
- Engaging with the work of international financial regulation institutions to relate back to financial system stability in Australia
There are three main regulatory agencies as part of the financial council in Australia: Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority, and over 100 member companies nationwide.
For more information about financial councils in Australia visit pipa.net.au.