Korea trade agreement touted as win for FS
South Korea’s free trade agreement with Australia will open the door for unprecedented cross-border skill transfers from the local financial services sector, according to the Financial Services Council (FSC).
For the first time, Australian financial service providers with be able to meet knowledge and skill shortfalls in the largely untapped market, FSC CEO John Brogden said.
“The Free Trade Agreement will open up significant opportunities for Australia to increase the cross-border flows between Australia and Korea.”
Although South Korea is Australia’s third largest export market, financial services expertise been under-utilised to date, Brogden said.
“Initiatives like the South Korea Free Trade Agreement and the Murray Review will help deliver outcomes that facilitate Australian financial services exports to Asia and an export-oriented and globally competitive Australian financial services industry.
“We have a highly skilled financial services workforce which will benefit from a cross-cultural transfer of skills and knowledge,” Brogden said.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
