Financial Services Council (FSC)
The Financial Services Council's mission is to represent the interests of our members, our members' clients and customers, all investors and superannuation fund members and life insurance policy holders.
We have Full Members (those who are the leading wealth managers in Australia) and Supporting Members (those companies which support and service the wealth management businesses).
The Financial Services Council represents Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks, licensed trustee companies and public trustees. The Council has over
120 members who are responsible for investing more than $2.3 trillion on behalf of 11 million Australians. The pool of funds under management is larger than Australia's GDP and the capitalisation of the Australian Securities Exchange
and is the third largest pool of managed funds in the world. The Financial Services Council promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist
in operational efficiency.
In terms of functions the Financial Services Council is a self-regulatory body that provides advice and expertise, liaison with and access to all levels of Government and regulatory bodies for and on behalf of all of our members and consumers.
Full Members agree to comply with (currently) 16 standards (click here) and must undergo a compliance process each September.
We are governed by the Corporations Act 2001, chapters 5C and 7. For a link to the Corporations Act 2001, please click here.