What I have said above about the utility in having ASIC as the principal conduct regulator (including in respect of superannuation) and the need for ASIC and APRA to co-regulate the BEAR, means that the two regulators will have to work more closely than ever across a range of entities and subject matters. Failures to share information, co-ordinate approaches and act with a consistent purpose will result in duplication of effort or, worse, regulatory failings.