FSC supports EU trade deal negotiations
The Financial Services Council (FSC) has welcomed the opening of negotiations with the Council of the European Union aimed at creating an Australia-EU free trade agreement.
The deal would be expected to benefit the Australian financial services industry as it would lower barriers for Australian firms in accessing the EU economy.
At the same time, the FSC stressed that Australia would need to put in place a Double Tax Agreement (DTA) with Luxembourg to help its consumers avoid missing out on substantial gains from any free trade agreement with the EU.
Luxembourg is said to be the second largest funds industry in the world.
FSC chief executive, Sally Loane said that so far Australian investment managers had limited ability to expand in the region.
“Currently only 3.6 per cent of Australian funds under management are sourced from offshore. To ensure the benefits of this agreement are maximised for Australia, we need to ensure our tax and regulatory settings are competitive with Europe, otherwise we will see Australia lose out,” she said.
The FSC also said it would urge the Government to take the necessary steps and negotiate these agreements, with an active role played by both Treasury and the Australian Securities and Investments Commission (ASIC).
AUTHOR
Oksana Patron
Recommended for you
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
