The agencies’ memorandum of understanding (MoU) follows on from the recommendations of the Hayne commission and is set to reviewed on a regular basis.
Led by ASIC commissioners and APRA members, the bodies are regularly meeting under a revised engagement structure and working together on areas of common interest, including data, thematic reviews, governance and accountability.
ASIC chair James Shipton said the updated agreement builds on the collaborative relationship across all levels of the regulators.
“ASIC and APRA will continue to proactively engage and respond to issues efficiently to deliver positive outcomes for consumers and investors,” Mr Shipton said.
“The MoU facilitates more timely supervision, investigations and enforcement action and deeper cooperation on policy matters and internal capabilities.”
APRA chair Wayne Byres said enhanced cooperation reinforced the more than 20-year-old twin peaks model of regulation.
“ASIC and APRA share an interest in protecting the financial wellbeing of the Australian community and achieving a fair, sound and resilient financial system,” Mr Byres said.
“Strengthening engagement is a key priority of the ASIC commissioners and APRA members. We will continue to work closely together to enhance regulatory outcomes and achieve our respective mandates.”
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
