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Australian financial services sector The financial services sector is the third largest industry sector in the Australian economy, behind manufacturing and property/business services. It is therefore very important that the government regulates this sector through legislation that is managed and supervised by various agencies and departments. The structure below will give you some idea of who these regulators are and what legislation, standards, guidelines, codes of practice, policies and procedures you need to be aware of to be able to perform your daily work activities within the financial services sector.
Generally, the government establishes the legislative framework within which business organisations operate. It will pass laws and create bodies or organisations that ensure companies abide by these regulations.
Industries will also create their own bodies to ensure all businesses in the same sector adhere to the same standards.