The Productivity Commission has recommended granting ASIC and APRA additional powers and defining their roles to be more in line with their “distinct regulatory DNA” – proposed changes welcomed by APRA.
In its final report on the competitiveness and efficiency of superannuation, the commission blasted both regulators for being “missing in action” when it came to strategic conduct regulation and for their “confusing and opaque” conduct-regulation arrangements for the superannuation system.
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