5 years ago
FINANCIAL SYSTEM NEEDS MORE ROBUST SUPERVISION
JIM CHALMERS MP
Labor welcomes the release of the Australian Prudential Regulation Authority Capability Review and supports the broad directions of the recommendations.
A key part of rebuilding trust in the financial system is rebuilding faith in the regulators which oversee it.
The behaviour uncovered by the Financial Services Royal Commission showed our banks and other institutions need much more robust supervision.
Clearly APRA needs to lift its game, and the recommendations outlined today are likely to be a step in the right direction.
When it comes to superannuation, workers need to know their retirement nest egg is in a fund that is performing well, and is well regulated.
The huge gap in fund performance costs workers thousands of dollars in retirement savings and should be a bigger focus.
Much more needs to be done to implement Commissioner Kenneth Hayne’s recommendations right across the financial system, beyond these proposed reforms to APRA.
This report proves again that Scott Morrison and the Liberals were wrong to oppose a banking royal commission for two years and to vote against it 26 times.
The report makes it clear that the Government’s cuts to APRA funding have hampered the regulator’s ability to police the sector.
We will work through the detail of the report and its recommendations and come to a considered view in due course.
A key part of rebuilding trust in the financial system is rebuilding faith in the regulators which oversee it.
The behaviour uncovered by the Financial Services Royal Commission showed our banks and other institutions need much more robust supervision.
Clearly APRA needs to lift its game, and the recommendations outlined today are likely to be a step in the right direction.
When it comes to superannuation, workers need to know their retirement nest egg is in a fund that is performing well, and is well regulated.
The huge gap in fund performance costs workers thousands of dollars in retirement savings and should be a bigger focus.
Much more needs to be done to implement Commissioner Kenneth Hayne’s recommendations right across the financial system, beyond these proposed reforms to APRA.
This report proves again that Scott Morrison and the Liberals were wrong to oppose a banking royal commission for two years and to vote against it 26 times.
The report makes it clear that the Government’s cuts to APRA funding have hampered the regulator’s ability to police the sector.
We will work through the detail of the report and its recommendations and come to a considered view in due course.