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Financial services sector ‘moving from plans to action’

By Neil Griffiths
 — 1 minute read

The local financial services sector is building towards “a finance system that is aligned with a more resilient, sustainable Australia” according to a new report.

The ASFI on Monday published a report mapping out the progress of the sector on the back of its November-launched ASFI road map.

Comprised of 80 organisations that include major banks and superannuation funds, the road map outlined 37 recommendations to strengthen Australia’s financial system coming out of the COVID-19 pandemic and the new report outlines the progress that includes:

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  • Investors such as Aware Super and First Sentier Investors undertaking gap analysis between the road map and their own strategies.
  • Finance organisations including insurers IAG and Munich Re convening strong partnerships to strengthen the resilience of Australians to natural disasters.
  • Governments and regulators progressing important climate-related guidance and working towards alignment with the road map
  • HESTA and AustralianSuper using the road map to inform ESG and stewardship strategy.
  • NAB training bankers in identifying climate-related financial risks and transition planning so they can better work with customers.
  • Responsible Investment Association Australia and Reconciliation Australia committing to develop a reconciliation action plan framework.

“The Momentum Tracker shows the sector is moving from plans to action, demonstrating the significant activity underway within Australia’s financial services sector to contribute to the delivery on our national goals, including net zero emissions by 2050 and contributing to the sustainable development goals,” ASFI co-chair, Simon O'Connor, said.

Fellow co-chair Jacki Johnson added: “The Tracker sets out where further action and collaboration is still needed, including building the financial resilience of Australians to acute shocks such as extreme weather events, as well as further consistency and harmonisation of guidance in regulatory settings.

“We are now working rapidly on establishing a permanent body to maintain this momentum and drive and coordinate the delivery of the roadmap through ongoing cross-sector collaboration.

“We are aiming to establish this permanent ASFI body by mid 2021, and we are now seeking partners and funders to join on this journey.”

 

 

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Financial services sector ‘moving from plans to action’
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