FSC calls for Cormann to retain roles

With the new Abbott ministry announcement imminent, the Financial Services Council (FSC) has called for Senator Mathias Cormann to retain both his Treasury and financial services roles.

Before the federal election, Senator Cormann held the roles of shadow assistant treasurer and shadow minister for financial services and superannuation.

Speaking at the Australian Hedge Fund Forum in Sydney yesterday, FSC director of policy and international markets Martin Codina said it would be “ideal” for the senator to keep both roles.

However, the FSC does not expect Mr Cormann to retain both hats, which is “unfortunate”, according to Mr Codina - although the expectation is that he will continue as Minister for Financial Services in “some capacity”.

Traditionally, there have been three and sometimes four people overseeing financial services and superannuation, Mr Codina said.

“You’ve got the Treasurer and the Assistant Treasurer. More recently we’ve had a Minister for Financial Services and Superannuation and then you have a parliamentary secretary,” said Mr Codina.

“The nice thing about having the Assistant Treasurer and the minister combined is that you’ve got the one person thinking about [financial services] holistically,” he said.

It will be much easier for the industry to negotiate with one person rather than to have two separate conversations, he added.

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