Keeping industry accountable

The Government expects that firms and industry associations will implement the Royal Commission recommendations directed to them. These recommendations will: provide greater protections for bank customers, including vulnerable consumers, small businesses and farmers; allow for greater sanctions to be imposed Read More …

Review of the effects of vertical and horizontal integration in the financial system

The Government agrees that understanding the longer term market implications of integration is an important component of promoting competition in the financial system, and supports the ACCC considering integration issues where they are identified as part of its market studies Read More …

6.3 — General principles for coregulation

The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Prudential Standards and practices designed to ensure Read More …

5.3 — Revised prudential standards and guidance

In revising its prudential standards and guidance about the design and implementation of remuneration systems, APRA should: require APRA‑regulated institutions to design their remuneration systems to encourage sound management of non‑financial risks, and to reduce the risk of misconduct; require Read More …

5.1 — Supervision of remuneration — principles, standards and guidance

In conducting prudential supervision of remuneration systems, and revising its prudential standards and guidance about remuneration, APRA should give effect to the principles, standards and guidance set out in the Financial Stability Board’s publications concerning sound compensation principles and practices. Read More …

Ensuring strong and effective financial system regulators

For Australians to have trust in the financial system, the regulatory framework must be enforced by effective regulators. The Government has taken significant action to increase the capabilities, powers and funding of the financial regulators, and to refresh their leadership. Read More …