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Banking and finance – programs and initiatives

The Treasury manages a range of programs & initiatives that support the priorities of the Government.

Current

  • Financial Adviser Standards and Ethics Authority Limited (2017-) The Financial Adviser Standards and Ethics Authority Limited (FASEA) was established as a Commonwealth company on 11 April 2017 to set the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients.

Completed

  • Banking Reforms

    As part of ensuring a competitive and sustainable banking system, the Treasury is supporting the Australian government in introducing a range of measures to increase competition to help all Australians get a better deal. For further information see:

    • Competitive and Sustainable Banking System (2010-2012)
    • Deposit and Wholesale Funding Guarantees (2008-2011) The Government’s deposit and wholesale funding guarantees were announced in October 2008. On 11 September 2011, a number of changes were announced to the Financial Claims Scheme including a new permanent cap of $250,000 per person, per authorised deposit-taking institution, that came into effect from 1 February 2012. A report on the Operation of the Guarantee Scheme for Large Deposits and Wholesale Funding was released in October 2011.
  • Council of Financial Regulators Working Group (2011-2012) The Working Group addressed the adequacy of oversight, powers of direction and crisis management arrangements for market operators and clearing and settlement facilities.
  • Financial Reporting Panel (2004-2012) The Financial Reporting Panel operated between 2004-2012. The Panel’s primary function was to resolve disputes between ASIC and companies concerning accounting treatments in their financial reports.
  • Financial Sector Assessment Program (2011) Australia took part in the International Monetary Fund’s Financial Sector Assessment Program in 2012. The Fund released Australia’s assessment document in November 2012.
  • Natural Disaster Insurance Review (2011) Following the January 2011 floods, the Government commissioned an independent review of issues relating to insurance in the context of the long term funding of disaster relief.