Labor supports IFSA export drive
Richard Gilbert
The Labor Party has proclaimed its support for the Investment and Financial Services Association’s (IFSA) plans to increase Australia’s exportation of funds management services.
At a recent IFSA presentation, the Shadow Minister for Trade and Regional Development, Simon Crean, articulated Labor’s support for an IFSA discussion paper, published in May this year, proposing greater regulatory harmonisation in Australia’s financial services industry, more meaningful data collection on the exportation of financial services and the development of initiatives to promote Australia’s financial services expertise and education programs worldwide.
IFSA chief executive Richard Gilbert said Australia’s positioning as the fourth largest funds management market in the world affords it an excellent opportunity to capitalise on the significant growth of the industry worldwide, estimated to be around US$60 billion over the next three years.
“The initiatives announced today by the Labor Party will provide an excellent platform for funds management, financial advisory networks, investment platforms, life insurers and superannuation providers to increase the export of their services and expertise.”
Gilbert said IFSA supported Labor’s proposed “partnership approach” between the Government, the financial services industry and regulatory bodies.
He also stated his support for the party’s proposed Centre for Excellence in Financial Services, designed to facilitate this collaborative approach to governing, developing and promoting the industry.
“The Centre for Excellence in Financial Services is an especially innovative proposal, which will facilitate both a more focused and co-ordinated approach to policy development and advice on reforms in the sector. The centre would create a collaborative mechanism for government and industry to work together to ensure we embrace world’s best practice and remain globally competitive in the long-term.”
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