Financial Services Inquiry – APRA Submission

APRA has issued its submission to the David Murray led, Financial Services Inquiry which will establish the direction of the future of Australia’s financial system.   The initial submission deadline was 31 March 2014, and the Inquiry has stated it has received over 200 submissions.

Previous Financial System Inquiries have led to significant reform and this one is expected to provide a new blueprint for the financial system over the next decade.  Previous Inquiries include The Campbell Report, in 1981, which led to the floating of the Australian dollar, and deregulation of the financial sector.  The Wallis Report in 1997, streamlined financial services regulation, and led to the creation of the Australian Prudential Regulation Authority (APRA) and the current Australian Securities and Investment Commission (ASIC).

The Inquiry has recognised that the structure of financial regulators helped protect Australia during the global financial crisis, relative to peers, but it must recognise that the financial sector has been transformed by international and domestic crises, regulatory reform agendas, the huge growth in superannuation, and the impact of technology and innovation.

Click here for a link to the APRA Submission:http://www.apra.gov.au/Submissions/Documents/APRA-2014-FSI-Submission-FINAL.pdf

 

 

 

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