Which are the best financial managers in Australia?
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With more than two million employees, the Financial Services Council of Australia (FSA) is Australia’s largest and most influential industry body.
The organisation also holds a number of other powerful positions, including the chair of the ACCC, and the chair and CEO of the Australian Investment Management Association (AIMA).
The federation is also one of the largest organisations in the country, with over 7 million members and members representing more than 30 countries.
The role of financial services in the Australian economy has been a hot topic for years, with a number the government has put forward to boost the sector, including a plan to allow all financial advisers to offer their services in a new state-of-the-art building in the capital Canberra.
But which financial services providers are the most well-respected in the industry?
Let’s take a look at the best and worst in the financial services industry.
Derek Kohn, Chief Economist at Capital Economics, said the FSCA was well positioned to be a champion of the sector.
“The FSCAs regulatory structure is very strong and they have a number significant regulators to go along with it, and so they have strong regulators and regulators that are in line with their mission,” he told Business Insider.
He said the organisation was also well positioned because it had “a large number of independent and third-party regulators that really have a lot of experience with financial products and services, which gives them a lot more flexibility and a lot less risk.”
Capital Economics’s chief economist, Derek Kohn , says the FscA is well positioned for financial services to thrive, with the regulator being one of Australia’s biggest.
Capital Markets analyst Derek Kohn says the financial sector has a lot to gain from being regulated in a similar manner to other industries, with “some of the most powerful regulators in the world”.
“They are really well placed in that sector because they have the regulatory authority, and they’re well positioned, in terms of being well regulated, in that market,” he said.
Kohn said the industry was also in good hands with the Coalition government, which has taken a number measures to improve regulation of the financial industry.
Kohn says it is important that there is a level playing field between the big banks and the big players, and “this means that they have to play by the rules”.
Capital markets analyst Derek Khohn says the sector needs to be regulated as a whole, but also in a way that minimises risk.
With the financial markets facing unprecedented levels of uncertainty, Khohn said it is crucial that the FsaA is “a big player in the market, and in that role it has to play a big role”.
Kohn said he was impressed with the FSA’s ability to keep its focus on the industry.
“I’m impressed that the financial management business has managed to do what it has done so well in the last couple of years,” he added.
As the financial system continues to experience unprecedented volatility, Kohn said “people will still be able to invest and be profitable”.
He also believes that the government’s plan to give financial advisers the right to offer services in buildings across the capital could make financial advisers “the best in the business”.
This plan has already seen some big names, including John Key and Scott Morrison, step in to offer financial services.
Kohns said it was important for the industry to remain “competitive and be able play its role in providing services to the broader economy”.
As an example of how well-regulated the sector is, Kohnen said the Federal Government’s plan is “one of the best examples of regulation I’ve seen”.
The Financial Services Sector Australia’s Chief Economist, Derek Khohn, says the industry needs to remain competitive, but has the capacity to be one of “the most powerful”.
With more than two million employees, the Financial Services Council of Australia (FSA) is Australia’s largest and most influential industry…