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Joint media release - Financial regulators and industry meet

Wednesday 20 July 2011


The Board of the Finance Industry Council of Australia (FICA) yesterday held talks with the APRA Chairman John Laker and Members, and ASIC Chairman Greg Medcraft and Commissioners on regulatory and other issues within the finance industry.

The annual liaison meeting discussed a wide range of matters relevant to the Australian finance industry both at a national and international level.

International developments discussed included international progress with implementing the new global Basel capital and liquidity standards and the growing impact of US laws on Australia’s financial system.

Domestic issues around high frequency trading, dark pools and the development of the corporate bond market were also covered.

The meeting agreed that a good continuing dialogue between the industry and its regulators is important to ensuring balanced outcomes for the industry and the broader community.

FICA comprises Abacus - Australian Mutuals, the Australian Bankers’ Association (ABA), Australian Finance Conference (AFC), Australian Financial Markets Association (AFMA), Australian Securitisation Forum (ASF), Financial Services Council (FSC), and the Insurance Council of Australia (ICA). The Chief Executive of the ABA, Steven Münchenberg, has recently been appointed Chairman of FICA, following the retirement of Duncan Fairweather, former Executive Director of AFMA.

For further comments please call:

ABA (FICA Chair): Heather Wellard (02) 8298 0411 or 0409 830 439

APRA media contact: Andrew McCutcheon (02) 9210 3143 or 0417 528 660

ASIC media contact: Matthew Abbott (02) 9911 2683 or 0402 543 128

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.