The Australian reports that CQS founder Sir Michael Hintze has called for reform of Australia’s financial services sector in order to make it more globally competitive.
Sir Michael, who was recently appointed by Treasurer Joe Hockey to an international panel advising the Financial System Inquiry, made the comments during a trip to Sydney this week.
"Proportionally, the education sector is earning considerably more than our financial services sector...We can definitely improve the performance of the financial services sector."
Sir Michael noted that reforms to the tax and funds management regimes in Australia are needed in order to improve performance in the sector.
"It’s very difficult to find something you can structure appropriately onshore and manage third-party funds," Sir Michael said. "We have it in the UK but in Australia it is almost impossible."
He also argued that Australia is well positioned to become more competitive in the financial services sector, if the right reforms are put into place:
"One of the ways we can make Australia more competitive in the financial services sector is to look at ways we can leverage off our comparative advantage as a nation. We are in the right time zone to do a lot in the industry, and another strength we have is the concentration of funds in the superannuation sector."