The Australian Custodial Services Association has revamped its industry awards and called for nominations from anyone who believes he or she has made a significant contribution to that sector of the industry.

The awards replace the former excellence awards which have been in abeyance for the past several years and which were seen by some to have been too elitist.

Recipients of the new awards will be announced at the annual Investment & Technology/ACSA conference in Sydney on March 3. Nominations close this Friday.

Rob Brown, chief executive of Ausmaq and ACSA executive member said the awards aimed to recognise people who have been instrumental in driving industry efficiency and contributing to regulatory dialogue.

"The past year has been the most challenging most people will have seen in their lifetime, in terms of unprecedented market volatility and the pressures this has placed on investors and regulators alike… in many ways our system is a product of government and industry working together to create the right balance of regulation and support for a dynamic financial sector."

Nominations should be made on a form available on the ACSA website: www.custodial.org.au