On 21 April 2008, the Board of the Finance Industry Council of Australia (FICA) met with the ASIC Commissioners and APRA Members to discuss significant regulatory and industry issues facing the financial services industry. The Association of Superannuation Funds of Australia (ASFA) and Australian Friendly Societies Association (AFSA) were also represented at the meeting.
The meeting took place as part of a semi-annual consultation process between FICA and the regulators, ASIC and APRA. These meetings are important events in the dialogue with industry under Australia’s ‘twin peaks’ system of regulation.
The meeting was a highly constructive one, with the focus on the difficult market conditions that financial market participants have experienced since last August. APRA and ASIC gave industry participants their perspective on the current volatility in financial markets, and each of the industry associations gave its views as to how the current state of the markets is affecting member companies and their underlying customers. The particular concerns of industry representatives were:
Participants find these meetings useful because, besides discussions on current issues, they allow matters across the full regulatory spectrum covered by ASIC and APRA to be addressed In a collaborative manner.
Notes for editors:
FICA is comprised of the Australian Bankers’ Association (ABA), Abacus–Australian Mutuals, Australian Finance Conference (AFC), Australian Financial Markets Association (AFMA), Financial Planning Association (FPA), Investment and Financial Services Association (IFSA), and the Insurance Council of Australia. FICA provides a focus for the discussion of the overarching international and domestic issues affecting providers of financial services in Australia. FICA was formed in June 2004. FICA's members have financial assets under management, including banks and other depositories and both the general and life insurance industries, which generate around 8% of Australia’s GDP. FICA facilitates high level responses to regulatory and market developments affecting the overall sector, building upon the work done by the individual FICA constituents.
For further comments: please call Richard Gilbert, (Chair) FICA on (02) 9299 3022; Stuart Snell, APRA on (02) 9210 3384 or Angela Friend, ASIC on (03) 9280 3338
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $3 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.
All other inquiries:
APRA Contact Centre 1300 131 060.
