The Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC) have signed an updated Memorandum of Understanding (MoU) designed to foster closer collaboration between the two regulators.
The new MoU commits both agencies to a broader model of engagement, with a greater emphasis on proactive information sharing and collaboration. To increase transparency, it has also been written in simpler, less prescriptive language.
The updated document will further strengthen the relationship between the two agencies, who have worked closely together during the COVID-19 pandemic on issues including resolution planning and authorisations on anti-competitive arrangements in the financial system.
APRA Chair Wayne Byres said: “APRA and the ACCC have a strong working relationship, founded on a common focus in supporting a safe, competitive and efficient financial system.
“Although APRA’s mandate requires our primary focus to be financial soundness and stability, we are also required to balance this with a range of other considerations, including competition. Updating this MoU reflects the importance of our relationship with the ACCC, and acknowledges the importance of competition in maintaining a healthy and efficient financial system.”
ACCC Chair Rod Sims said: “We’re pleased to continue building on our constructive relationship with APRA, and have a strong appreciation for the complementary roles each agency plays in ensuring a competitive and stable financial services industry.
“This MoU will allow the ACCC and APRA to continue to share intelligence and insights and work closely together to achieve good outcomes for Australians, including ensuring the impacts of COVID-19 on the financial sector are managed in a pragmatic and sensible way.”
The updated MoU is available on the APRA website at: Memoranda of understanding and letters of arrangement.