House Economics Committee calls regulators to public hearings

THE House of Representatives Standing Committee on Economics will scrutinise the three financial regulators, the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC), at public hearings in Canberra on October 14.

The Chair of the Committee, Mr David Coleman, MP, stated that ‘the hearings will give the Committee the opportunity to scrutinise the regulators on their performance and operation. In addition, the Committee will question the regulators on evidence arising from the Committee’s hearings with the four major banks.’

The three financial system regulators each have a distinct role in Australia’s financial and banking system. APRA is responsible for prudential regulation, including promoting financial system stability, while ASIC is responsible for conduct regulation, including consumer protection in relation to banking and financial services. The ACCC’s role is to promote competition and fair trade in markets to benefit consumers, businesses, and the community.

Public hearing details: Friday 14 October 2016, Committee Room 2R1, Parliament House, Canberra

8:30am to 10:30am: ASIC

10:45am to 1:15pm: APRA

2:15pm to 4:45pm: ACCC

Webcast: The hearing will be webcast at aph.gov.au/live

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