Who regulates financial service industry in Australia?
By Tanggram
Financial regulation in Australia is split mainly between the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA).
ASIC has responsibility for market integrity and consumer protection and the regulation of investment banks and finance companies, such as funds managers and financial advisers.
APRA is responsible for the licensing and prudential supervision of Authorised Deposit-taking Institutions (ADIs), life and general insurance companies and superannuation funds. So banks are supervised by APRA.
The Australian Securities Exchange has also played a role in regulating market conduct.
The Reserve Bank of Australia (RBA) retains its central banking functions including responsibility for most payment systems and setting of monetary policy. Yep, RBA is more of a ‘policy maker’ than ‘regulator’.
The Australian Competition and Consumer Commission (ACCC) regulates anti-competitive behaviour. However, it has an agreement with ASIC that ASIC oversees the majority of bank and financial service product and services providers.
Of course, all of these regulators are independent statutory authorities without direct oversight by a government department.
Disclaimer:
All contents presented in this blog have been prepared for informational purposes only, and are not intended to provide, and should not be relied on for any personal investment, tax, or accounting advice. You should, before making any decision regarding any information, strategies or product mentioned on this blog, consult your own financial or accounting advisors to consider whether the product is appropriate for you, based on your own objectives, financial situations and needs.
