Addressing the Financial Services Council conference in Brisbane this week, Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft and Australian Prudential Regulation Authority (APRA) member Helen Rowell stressed that a flexible and cooperative approach would continue to be taken by regulators.
"There has been a lot of effort and pressure in meeting the new requirements," Ms Rowell conceded. "But across the board the industry is progressing well."
"The big challenge is in some of the system changes to do with reporting and SuperStream, but the industry is making a tremendous effort there."
APRA is happy to work with those who are implementing those changes and to "be flexible to the extent that we are able" in this period as everyone moves to full compliance, she added.
Mr Medcraft added that ASIC remains a "big believer in self-regulation" and said it is ideal if an industry gives good guidance to the regulators concerning issues that arise.
Acknowledging the work of the FSC over the past few years, Mr Medcraft said it was ideal if industry groups proactively identify concerns as they arise and raise them with the regulator.
"That's what happened in the advice sector [with Storm Financial], it was a failure to self-regulate," he said.
"A good self-regulation approach is critical."
