The Financial Services Association of Australia (FSAA) is considering a proposal to remove the “social” category from its business cards.
The proposed change will be introduced in a draft submission to the Association’s general meeting this month, which has been scheduled for October.
The change would see the words “social enterprise” removed from the name of the industry association.AFA chief executive Paul O’Brien said the change was an attempt to remove “politicisation” from the industry.
“This change will remove the ‘social enterprise’ designation from the business card of the Australian Financial Services Authority (AFSA), the country’s financial regulatory body, and make it a generic term to describe all other forms of economic activity in the sector,” Mr O’Brien said in a statement.
The change would not be enforced by the Australian Federal Police (AFP) as it was being proposed by the Association.
The Australian Securities and Investments Commission (ASIC) has already rejected a proposal by the association to remove an “investment fund” and “firm” from its membership cards.
“There is no question that a large percentage of the people who are interested in financial services and who have an interest in the industry have social enterprises as a way of looking at the business, the business model, the way of working, of doing business,” Mr Broderick said.
“So, as the industry grows, as there’s a lot of interest in this sector, it is very easy for the association’s members to get the word out.”
The proposed changes were introduced last year as part of a “divergent” agenda to remove political interference from the Australian banking sector.