{"id":37820,"date":"2017-07-27T10:06:22","date_gmt":"2017-07-27T00:06:22","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37820"},"modified":"2017-08-02T07:44:55","modified_gmt":"2017-08-01T21:44:55","slug":"royal-commission-would-include-work-of-regulators","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/07\/27\/royal-commission-would-include-work-of-regulators\/","title":{"rendered":"Royal Commission Would Include Work of Regulators"},"content":{"rendered":"

A repeated call by the Federal Opposition for a Royal Commission into banking and financial services, which would also include an examination of the work of regulators, has been rejected by the Federal Government and the Financial Services Council (FSC).<\/p>\n

\"Shadow<\/a>
Shadow Treasurer, Chris Bowen<\/figcaption><\/figure>\n

Addressing the FSC Leaders Summit, Shadow Treasurer Chris Bowen<\/strong> said no-one could defend the poor industry practices which led to \u2018successive scandals\u2019 and the Opposition wanted to ensure the regulatory, policy and cultural settings were in place to avoid future problems.<\/p>\n

Bowen said this meant dealing with the evolving architecture of financial regulation and the roles and accountabilities of regulators remained transparent and properly scrutinised by Government.<\/p>\n

\u201cI am not proposing another full blown inquiry into the operation of our financial system \u2013 this was done recently \u2013 but that the Royal Commission deal with developments in financial regulation more broadly, and won\u2019t just be in relation to poor behaviour,\u201d Bowen said.<\/p>\n

He also said that while the Financial Systems Inquiry two and a half years ago had made no recommendations to change the way ASIC and APRA operated, the ad hoc nature of legislative and regulatory changes since that time, and the rise of fintech, required a further examination of their work.<\/p>\n

“\u2026the Royal Commission has become an inquiry looking for something to inquire about”<\/h6>\n

\u201cGiven what has changed over the last couple of years and even in the last twelve months alone, the time is ripe for a proper, considered and comprehensive examination of our institutional arrangements \u2013 of the financial system architecture,\u201d Bowen said.<\/p>\n

This call was rejected the next day by the Minister for Revenue and Financial Services, Kelly O\u2019Dwyer, who also addressed the Summit saying there had \u201c\u2026been a host of actions, inquiries and new bodies set up by this Government in response to those scandals\u201d.<\/p>\n

O\u2019Dwyer added the Opposition was \u201c\u2026moving the goalposts of their proposed inquiry to new areas such as FinTech and looking at how our regulators work\u201d and \u201c\u2026the Royal Commission has become an inquiry looking for something to inquire about\u201d.<\/p>\n

\u201cWe don\u2019t want to see a repeat of these scandals. But nor do we need a formal, legalistic, endless talkfest following on from the sensible and considered reviews and reforms the Government has already put in place,\u201d O\u201dDwyer said.<\/p>\n

\"FSC<\/a>
FSC CEO, Sally Loane<\/figcaption><\/figure>\n

FSC Chief Executive, Sally Loane<\/strong> also questioned the purpose of a Royal Commission into the banking and financial services sector pointing out there had been 18 different reviews and inquires since 2007.<\/p>\n

\u201cChris Bowen outlined Labor\u2019s planned Royal Commission, making it clear that all superannuation funds would be included whilst also adding that they would do a stock take of APRA and ASIC. We would question why this couldn\u2019t be done with a more simple inquiry, instead of an expensive and time-consuming vehicle like a Royal Commission,\u201d Loane said in her address to the Summit.<\/p>\n

\u201cOur sector has undertaken substantial reform and remediation and our view is that a Royal Commission into financial services is not necessary,” Loane added.<\/p>\n","protected":false},"excerpt":{"rendered":"

A repeated call by the Federal Opposition for a Royal Commission into banking and financial services, which would also include an examination of the work of regulators, has been rejected by the Federal Government and the Financial Services Council (FSC).<\/p>\n","protected":false},"author":3,"featured_media":37867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,241],"tags":[4247],"class_list":{"0":"post-37820","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-associations","8":"category-compliance-regulation","9":"category-conferences-and-events","10":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=37820"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/37867"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}