Functions
The FSC's Core Duties
- Protect consumers by ensuring that all firms and individuals authorised to provide financial services in and from within the AFCS are competent and financially sound;
- Police the perimeter of regulated activities and instigate and pursue enforcement actions against any individual or business that violates AFCS financial services laws;
- Monitor and detect financial crime and assist in the prosecution of such crime;
- Sustain domestic and international confidence in the AFCS financial services industry and contribute to the industry’s growth and development;
- Ensure a fit and proper regulatory environment in which financial institutions provide quality products and services for the economic benefit of the AFCS;
- Improve public understanding of the benefits and risks associated with financial products;
- Consult with the industry and government on financial services legislation, regulations, supervisory policy and practices;
- Provide a system of continuing education for financial service practitioners;
- Monitor the effectiveness of financial services legislation;
- Facilitate innovation in financial services; and
- Take account of the international nature of financial regulation and the financial services business: this includes maintaining regular contact with foreign regulatory authorities.
