Fancy dress financial regulators ASIC and APRA must go

by Dr. Andy Schmulow

Recently, the federal government completed an inquiry into how we regulate the financial system. One of the inquiry’s proposals was that we need a board of oversight over ASIC – the consumer protection regulator – and APRA – the bank regulator.

That proposal was eventually dropped, doubtless with some push-back from the regulators. In fact, creating a Financial Regulator Assessment Board was the inquiry’s only recommendation that the Abbott government rejected.