The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Commonwealth Bank Prudential Inquiry. The Productivity Commission Inquiry into Competition in the Australian Financial System.
The long-term outcome of all of this activity is still relatively unknown, but it is highly anticipated to result in an increase in regulation across the Australian financial services industry – an industry whose already high levels of regulation helped Australia weather the storm of the GFC.
This paper highlights the need to revisit the case for proportionate regulation across the financial sector, with consideration to all changes including prudential, conduct, industry, data and competition requirements.
The paper looks into: