Minimise regulatory duplication says Government
Peter Costello
The Federal Government has used a Statement of Expectations letter written to the Australian Prudential Regulation Authority earlier this year to make clear that it wants Australia’s financial services regulators to minimise duplication and develop a more co-operative approach.
The letter, written by Treasurer Peter Costello and released this week, says that the structure of Australia’s regulatory framework is such that it depends on close co-operation and liaison between the regulators to manage areas where their responsibilities intersect.
It said that APRA should ensure its prudential requirements and activities “integrate as comfortably as possible with those of the other economic regulators” and named the Australian Securities and Investments Commission, the Australian Taxation Office, the Australian Competition and Consumer Commission, the Reserve Bank and Austrac.
APRA this week welcomed the Treasurer’s letter and said it was committed to further developing a supervisory approach focused on outcomes.
It said it fully supported the Government’s objectives for prudential regulation.
AUTHOR
Mike Taylor
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