Minister keeps financial services hub on agenda
|
|
The Federal Government has reaffirmed its intention to market Sydney as a regional financial services hub, with the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, saying it remained firmly on the agenda.
Bowen said Australia needed to capitalise on the strength of its financial services regulatory system and the desire of international investors to find safe havens.
"One of the great benefits for Australia, as a financial services hub, will be the well-respected basis of our prudential regulation," he said. "We have now the most respected prudential regulation in the world and for some time to come, international investors will be looking for safe places to invest."
Bowen said the Government had taken policy decisions to capitalise on Australia's advantages, such as reducing withholding tax, and was expecting to receive the Johnson review into what other measures could be pursued.
He said the establishment of Sydney as a financial services hub was something the Government was pursuing with great vigour.
AUTHOR
Mike Taylor
Recommended for you
A decade after being permanently banned from financial services, a former financial adviser will finally face court in WA following a failed bid to avoid extradition.
Adviser numbers have experienced their largest weekly loss year-to-date this week, doubling that of the previous week.
The number of advisers currently using or planning to use artificial intelligence in their practices has risen substantially to almost three-quarters of firms, according to Adviser Ratings.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
