The two regulators have signed an updated memorandum of understanding (MoU), with a greater emphasis on information sharing.
APRA stated the new agreement commits the agencies to a broader model of engagement, with more attention to collaboration.
The MoU states that under its arrangements, each agency will not only respond to information and document requests, but they will “proactively” provide information and documents that are relevant to each other.
They are also meant to seek input or collaborate with each other on improving regulatory outcomes, such as in policy development and industry consultation and statistical collection.
Further, the agencies have agreed to a proactive approach to engagement, including regulator senior liaison meetings between heads.
The competition and prudential watchdogs have worked together during the COVID pandemic, on issues including resolution planning and authorisations on anti-competitive arrangements in the financial system.
APRA chair Wayne Byres said the agencies have a “strong working relationship”, with a common interest in supporting a competitive, safe and efficient financial system.
“Although APRA’s mandate requires our primary focus to be financial soundness and stability, we are also required to balance this with a range of other considerations, including competition,” Mr Byres said.
“Updating this MoU reflects the importance of our relationship with the ACCC, and acknowledges the importance of competition in maintaining a healthy and efficient financial system.”
ACCC chair Rod Sims added: “This MoU will allow the ACCC and APRA to continue to share intelligence and insights and work closely together to achieve good outcomes for Australians, including ensuring the impacts of COVID on the financial sector are managed in a pragmatic and sensible way.”
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].