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Formation of Finance Industry Council of Australia (FICA)

Sydney, Australia. 29 June, 2005: The formation of a new Australian financial services council with a membership representing the combined interests of Australia's foremost financial sector associations was announced today.

The Australian Bankers’ Association (ABA), Australian Finance Conference (AFC), Australian Financial Markets Association (AFMA), Insurance Council of Australia (ICA) and the Investment and Financial Services Association (IFSA) have joined forces as foundation members of FICA to provide a focus for the discussion of the overarching international and domestic issues affecting providers of financial services in Australia.

FICA's members have financial assets under management, including banks and other depositories and both the general and life insurance industries, which generate around 8% of Australia’s GDP.

FICA will allow higher level responses to regulatory and market developments affecting the overall sector, building upon the work done by the FICA constituents.

The Board Members of FICA are:

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

The inaugural Chair of FICA is Mr Ken Farrow and the Secretary is Mr Ron Hardaker.

"The group has been meeting informally on a regular basis for some years, however, we now believe that the time has come to establish a more formal structure in order to discuss matters that impact on the entire financial services industry", said FICA Chair, Ken Farrow.

"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.

“FICA’s constituents believe that its formation will play a major role in ensuring that Australia remains a leading global financial services centre. FICA will advise government of the effects on industry of emerging international and domestic issues such as the costs of regulation and compliance for the financial services industry as a whole”, concluded Mr Farrow. 

 
OBJECTIVES OF THE COUNCIL

The Objectives of the Council are:

To liaise with and represent Financial Services Associations in fostering a competitive, free and efficient market for financial services in Australia, and to represent those associations and the financial services industry on issues affecting the provision of financial services in Australia.

• To provide a forum for discussion of issues affecting the providers of financial services in Australia by representatives of the industry associations of the major providers of financial services in Australia.
  
• To provide a forum for the development of research and ideas, and the presentation of papers, as well as to advance the financial services industry in Australia.
  
• To provide a forum for Financial Services Associations to resolve areas of policy overlap in the financial services industry.
  
• To provide a forum for Financial Services Associations to air ideas and issues relating to the provision of financial services.
  
• To promote the depth and sophistication of Australia's financial markets globally.