7 Governance of the regulators

The Terms of Reference set out in the Letters Patent establishing the Commission require me to inquire into and report on ‘the effectiveness and ability of regulators of financial services entities to identify and address misconduct by those entities’.[1] Consideration of that issue requires me to say something about the internal governance and accountability of both ASIC and APRA.

[1] Letters Patent, 14 December 2017, (g).