The Financial Services Council has released new internal governance and asset stewardship standards for Australian investment managers and asset owners.
The FSC's new governance and asset stewardship standards are similar to codes first published in the UK in 2010 in the wake of the global financial crisis.
Australia also follows other markets including the US, Japan, Hong Kong, the Netherlands, Switzerland, South Korea, Malaysia and Brazil.
This new FSC standards aim to "increase consumer confidence in Australia’s financial services industry while guaranteeing its sustainability".
The lobby group encouraged all Australian asset owners and investment managers to adopt its standards.
FSC chief executive Sally Loane said, "Australia was until now one of the only major economies without a stewardship standard in place and the only signatory of the Asia Region Funds Passport without one."
"For this reason, we are especially proud and excited to launch our standard.”
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