Mulino no novice in financial services | Australian Markets

The Financial Services industry has a new minister in Victoria’s Daniel Mulino and one who has some strong expertise in the portfolio.

Mulino has been appointed because the Assistant Treasurer and Minister for Financial Services changing the now-retired Stephen Jones and it’s not his first rodeo in coping with the portfolio having beforehand been an financial adviser to then minister and later Federal Opposition chief, Bill Shorten.

Just as importantly he has been chair of the House of Representatives of Standing Committee on Economics – a function which has given him some strong insight into the operations of the financial services regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

He has a PhD in Economics from Yale University and gained his a Bachelor of Laws from the Australian National University.

Mulino served in the Victorian Parliament between 20134 and 2018 earlier than which he spent time in the Commonwealth Public Service in the Department of Finance and the Attorney-General’s Department.

Mulino’s previous expertise in the financial servicers portfolio and his time chairing the Economics Committee offers him an up-to-date understanding of the present main points confronting the Financial Services portfolio and the benefit of present relationships with the leaders of the important thing foyer teams.

The urgent points sitting on the high of his ministerial in-box are the Delivering Better Financial Outcomes (DBFO) second tranche and the present review of the Compensation Scheme of Last Resort (CSLR),

He may even be anticipated to play a function in the talk and supply across the $3 million superannuation cap laws and the related intention to tax unrealised capital beneficial properties, though a lot of this might be directed out of the workplace of his boss, the Treasurer, Jim Chalmers.

Financial services executives who’ve handled Mulino over the previous six years have welcomed his broad financial experience and his understanding of the problems which have been impacting financial services.

The main financial services teams together with the Financial Services Council (FSC) and the Financial Advice Association of Australia welcomed Mulino’s appointment whereas stressing the significance of the problems at the moment on foot.