APRA is not only moving ahead of legislation, it's action flies in the face or the Royal Commissioner's interim report which made it clear that further regulation was not necessarily the way to fix the problems uncovered in the industry. Further, imposing additional regulation at this point of time, when the final recommendations of the Commissioner are not known may in fact result in funds incurring costs both now and then again if the Regulators are restructured. Thus doing exactly the opposite of what they say they are trying to achieve i.e. potentially negatively impacting outcomes. The reality is that this is a brazen attempt by APRA to show that they are actually doing something and the save their own neck.
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