The Investment and Financial Services Association (IFSA) will change its name to The Financial Services Council.

The rebrand is part of the group's strategy to engage with policy issues affecting the broader economy, according to IFSA chief executive John Brogden. 

He said that while the association will continue to advocate its core issues, the financial services sector will need to be part of the broader economic debate given its influence.

"Our industry represents 10.8 per cent of the economy. We are predicted to grow to $5 trillion by 2030. We need to focus on a bigger agenda. By entering the wider economic debate we will be able to make our industry more influential," Brogden said.

Big agenda items that The Financial Services Council will look at will be the tax system, migration and the role of older workers in the workplace, according to Brogden.

"Australia's tax system needs an overhaul. We will be advocating for the GST [goods and services tax] to increase to 15 per cent, replacing some of the state taxes," he said.

"Regulation needs to also be relevant to our industry. We don't need to adopt a truckload of regulation from the United States and the United Kingdom just because that regulation responds to their dilemmas."

The name will also reflect a broader representation of the investment and superannuation industry, Brogden said.

"We need to engage with government using one voice. We have too many voices in the industry. Our members such as MLC and AMP are already members of several industry bodies," he said.

"We believe there will be rationalisation in the industry and we think there should be rationalisation."

The body will also beef up its research and policy division, appointing James Bond as an economist. Bond will focus on broad economic policy. The body has also created a new financial and research position.