ASIC gives Zurich seal of FSRA approval
Zurich Financial Services Australia(ZSFA) has been issued the last of its eight Australian Financial Services (AFS) Licences by theAustralian Securities and Investments Commission(ASIC), enabling it to participate under the new Financial Services Reform (FSR) regime set to commence in March next year.
ZFSA’s general counsel Cathy Manolios says the application process has been a major undertaking for the group due to the fact that Zurich operates in so many different advice markets.
“Zurich is active in the managed investments, superannuation, life risk insurance, general insurance and investment advice markets,” Manolios says.
The Zurich Australia companies which now have licences include general insurance firm Zurich Australian Insurance, life company Zurich Australia, investment management firm Zurich Investment Management, and the group’s superannuation business Zurich Australian Superannuation.
The other four Zurich licenses are for licensed securities dealer Financial Lifestyle Solutions, multi-employer superannuation fund Accountants Superannuation Fund Nominees, financial planning industry services companyDealer Back Office Solutions, and the group’s Wrap Account Limited.
Most of the licences that have been issued to Zurich by ASIC will come into effect at the beginning of January 2004.
Manolios says despite the work involved, the group supports the improved corporate governance and consumer protection she says will be ushered in under FSRA.
“The new regulatory regime will help build confidence in the financial services industry in Australia,” Manolios says.
“The level of detail required for the licences is an ideal checklist for ensuring a business’ corporate governance is up to scratch,” she says.
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