The Minister for Revenue and Financial Services, Kelly O’Dwyer has reinforced that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry will be inquiring into the effectiveness and ability of the financial regulators – the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
In an address to the Insurance Council of Australia and on the same day that the Royal Commission listed APRA and ASIC to be part of its hearings next week, O’Dwyer also indicated the Government’s intention to deliver ASIC product intervention powers.
She said the Government was consulting on draft legislation to give ASIC product intervention powers and to put design and distribution obligations in place.
“It is critical that these reforms — that of course resulted from the landmark Financial System Inquiry— enhance consumer protections and make sure that financial products are targeted and sold to consumers who might benefit from them,” O’Dwyer said.
Among the other parties who would appear before the Royal Commission next week are the Commonwealth Bank, Citigroup, ING Bank, National Australia Bank, Westpac and the Finance Sector Union.