The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

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: 

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The knock on effect of regulation

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The costs of doing business and the proportionality of fixed costs

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The value of giving back to the community

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The impact of competition on innovation and the need for consumer choice

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How proportionate regulation has been implemented in other jurisdictions

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The need to tailor regulation to the size, complexity and risk profile of an institution

Darren Scammell on Sky News

Darren Scammell, Financial Services Leader in Victoria, spoke to Sky News about our latest publication and the need to match any additional regulation off the bank of the Royal Commission to the different risk profiles of our small and big banks.

“The Royal Commission will have implications for how risk to the consumer is minimised in the banking sector – most likely through regulation and additional resources. However, the level of risk isn’t the same across the sector, nor are the resources to carry the burden of additional regulation and requirements. The risk is disproportionate, and the regulation to safeguard consumers should be proportionate to reflect this.”

Darren Scammell – Head of Financial Services, Victoria

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