The Federal Government has appointed AustralianSuper chief executive Ian Silk and QSuper chief executive officer Rosemary Vilgan to its Financial Sector Advisory Council (FSAC).

Vilgan is also part of the Government's superannuation advisory group, which was established in March.

"Given the systematic importance of the superannuation industry, I am strengthening representation on FSAC in this area," Treasurer Wayne Swan said.

"With the challenges posed by global financial market turbulence, it is my intention to revitalise FSAC as a genuine sounding board on policy issues and to get a timely and on-the-ground perspective of market developments."

The Government has also added three people from the funds management sector to the council.

AMP managing director Craig Dunn, GE Australia chief executive Steve Sargent and Lazard Australia advisory board member Paul Binstead will join the 13-person council.

Westpac managing director Gail Kelly and Vanguard managing director Jeremy Duffield have been reappointed for another two-year term on the council.

Other council members include Australian Securities Exchange managing director Robert Elstone, Capital Investment Group chair Charles Curran, Insurance Australia Group chief executive Michael Hawker, Bank of Queensland managing director David Liddy, Magellan Financial Group deputy chair Chris Mackay and Macquarie Bank managing director Richard Sheppard.

The Council is a non-statutory body that was established in March 1998.