Given the global nature of business in Australia, it is important to align our climate reporting requirements with international practice on climate related financial disclosure. Any obligations for climate related financial disclosures that are developed in Australia should align with the reporting requirements currently under development by the International Sustainability Standards Board (ISSB) when they become available for jurisdictional adoption.
FINSIA plays a unique role in advocating on major challenges facing the industry.
FINSIA makes regular submissions on behalf of members, reflecting the size of the challenge facing financial services.
FINSIA Submission Climate Related Financial Disclosures
FINSIA Submission in Response to the review of Australian Securities and Investments Commission (ASIC) Industry Funding Model (IFM)
Broadly speaking, FINSIA agrees that it is appropriate to review the IFM at this point, given it has been in place since 2017.
While it is our opinion that the current model which ensures ASIC’s regulatory activities are paid for by those creating the need for regulation rather than taxpayers is appropriate and should continue, it is also our view that aspects of the current system need to be reviewed.