Joint Media Release - Financial Regulators and Industry Meet
The Board of the Finance Industry Council of Australia (FICA) yesterday held talks with the APRA Chairman and Members, and the ASIC Chairman and Commissioners, on regulatory and other issues facing the 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 that have the potential to have an impact on the Australian industry were discussed, including the Basel III capital and liquidity standards, the influence of technology on securities markets and US tax law.
Domestic issues around banking reform, superannuation reform, competition in exchange-traded markets, and the recent superannuation and insurance reviews were also covered.
All participants agreed that good continuing dialogue between the industry and its regulators is important to ensuring balanced outcomes for the industry and the broader community.
FICA comprises the Australian Bankers’ Association (ABA), Abacus - Australian Mutuals, Australian Finance Conference (AFC), Australian Financial Markets Association (AFMA), Australian Securitisation Forum, Financial Services Council (FSC) and the Insurance Council of Australia (ICA).
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.