swimECMedia ReleasesMedia Release 10 July 2003

Media Release 10 July 2003

swimEC - A major finance industry collaboration

Investors of all kinds are set to benefit from reduced costs and increased efficiencies, as the superannuation, investment and financial planning industries' electronic commerce programs amalgamate to become the Super, Wealth and Investment Management Electronic Commerce (swimEC) initiative.

The establishment of swimEC was announced today by ASFA (The Association of Superannuation Funds of Australia), IFSA (The Investment and Financial Services Association) and the FPA (Financial Planning Association). swimEC will incorporate the activities currently carried out by the SuperEC and MfundEC projects, effectively replacing them.

swimEC will promote the development and adoption of industry messaging standards for electronic commerce. This means that there should be downward pressure on costs, accuracy of data will be enhanced and standards of service can be improved in interactions involving:

• Consumers
• Super funds
• Managed investments
• Employers
• Financial planners
• Investment product providers
• Regulators
• Payroll providers
• Stockbrokers
• Risk protection vehicles (life insurance cover)

"swimEC effectively creates a governance structure for the development and maintenance of messaging standards across the whole superannuation, investment, and wealth management community," said Dr Michaela Anderson, the ASFA representative on swimEC.

"The superannuation and investment environment is becoming increasingly fluid and dynamic," said Richard Gilbert, the IFSA representative on swimEC. "This initiative will help drive a more timely response to market and regulatory changes."

Ken Breakspear, the Financial Planning Association CEO and its representative on swimEC, said "The FPA can see immense benefit in linking financial planners and dealer groups into an overall effort to lift the take-up of electronic commerce."

swimEC is a funds management industry consortium, and is made up of ASFA, IFSA, the FPA, TAPS (The Association of Payroll Specialists) and the ATO (Australian Taxation Office representing the regulatory agencies operating in the wealth management space).

Further information:
Richard Gilbert (IFSA) on 0417 247 998
Dr Michaela Anderson (ASFA) on 0414 725 900
Ken Breakspear (FPA) on 0419 306734

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Page Last Modified: 11 March 2004

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