Reforms critical to international engagement, says Bowen
Reforms to the financial advice sector are critical to Australia’s position as an international financial services centre, according to Financial Services Minister Chris Bowen.
Speaking at a post-Budget breakfast organised by the Investment and Financial Services Association (IFSA), Bowen said it would be “impossible to ask those in other countries to place their trust and confidence in our financial planning industry if Australians do not”.
Bowen cited the Johnson committee report, which suggested Australia’s ability to attract overseas capital is dependent on “the reputation and integrity of Australia’s financial advisory sector being maintained and, where necessary, improved”.
Despite this, Bowen remained convinced of the ability of the Australian financial services sector to adapt to reforms and progress towards greater international engagement.
“I actually have confidence in the skills and expertise of Australia's financial planners to not only provide high quality advice to Australian residents but to develop as a significant potential export supplier,” he said.
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