The House of Representatives Standing Committee on Economics today tabled its reports into the annual reports of ASIC and APRA.

Media release issue date: Wednesday, 9 December 2020

The House of Representatives Standing Committee on Economics today tabled its reports into the annual reports of ASIC and APRA. Committee Chair Tim Wilson says the work of the committee in scrutinising Australia’s key financial regulators remains vital in light of the findings of the Royal Commission, the COVID-19 pandemic and more recently, the standing aside of the Chair of ASIC. ‘The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector. Now, more than ever, it is essential to maintain strong prudential regulation and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector.’ ‘The economic comeback post COVID-19 brings its own challenges. It is essential that governments, regulators, and financial institutions continue to be proactive and work together as the immediacy of the crisis fades and the hard work of economic comeback continues.’ ‘Both ASIC and APRA have responded quickly and appropriately to the pandemic, unfortunately ASIC’s recent expenses scandal has overshadowed its efforts. The Committee takes its role of the oversight of ASIC very seriously, and will closely follow the outcome of the independent review into expenses of ASIC executives paid by the Australian tax payer. ‘Coupled with the data errors in the SMSF factsheets on the MoneySmart website that remain unacknowledged, it is difficult to say that there is as much confidence in ASIC today as there was at the same time last year and ASIC should seek to address these issues as a matter of urgency because they go to the heart of their capacity and internal processes.’ Further information on these inquiries are available on the committee’s website. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587  Email: economics.reps@aph.gov.au

With Australia’s economy still experiencing the impacts of COVID-19, this Friday the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues.

Media release issue date: Wednesday, 21 October 2020

With Australia’s economy still experiencing the impacts of COVID-19, this Friday the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues. Chair Tim Wilson says witnesses from the Australian Competition & Consumer Commission, Australian Prudential Regulation Authority and Australian Securities & Investments Commission will appear at Friday’s hearing. ‘The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector,’ Mr Wilson said. ‘Now, more than ever, it is essential to maintain strong prudential regulation; promote competition; and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector’. The hearing brings together separate inquiries from the committee into each body’s annual reports. ‘It has been a year since we saw the ACCC before the committee, and I am looking forward to hearing how the ACCC is protecting the interests of consumers in sectors like tourism and insurance, as well as progress on their media code, Mr Wilson said. ‘Of particular interest to the committee is hearing from ASIC regarding its guidance on the responsible lending obligations in light of the RBA Governor’s recent evidence to the committee, as well as whether they are taking action against super funds acting inappropriately.’ ‘The committee is also interested in hearing how APRA is promoting strong prudential regulation and operational resilience amongst financial institutions, including super funds.’ Mr Wilson added that the committee is keen to scrutinise the ACCC on its response to the pandemic, including enforcement activities, review of hardship policies, its COVID-19 Taskforce, and maintaining and promoting competition. In addition, the committee will also examine the Australian Energy Regulator. In particular, the committee is interested in the AER’s efforts in protecting energy customers and the energy market during the COVID-19 pandemic. Public hearing details Date: Friday, 23 October 2020 Time: 9.30am to 5.00pm Venue: Committee Room 1R3, Parliament House, Canberra, and via videoconference The hearing will be broadcast live (audio only) at aph.gov.au/live. For media comment Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au

The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) will appear before the House Economics Committee at a public hearing on Wednesday, 5 August 2020 as part of the committee’s reviews of the 2019 APRA Annual Report and 2019 ASIC Annual Report.

Media release issue date: Monday, 3 August 2020

The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) will appear before the House Economics Committee at a public hearing on Wednesday, 5 August 2020 as part of the committee’s reviews of the 2019 APRA Annual Report and 2019 ASIC Annual Report. Chair, Mr Tim Wilson MP, said ‘despite COVID-19 we are getting on with the job—the hearing will provide the committee with the opportunity to scrutinise APRA and ASIC on their performance and operation.’ ‘The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector. Now, more than ever, it is essential to maintain strong prudential regulation and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector.’ Mr Wilson added that ‘the committee will scrutinise APRA on how it promotes financial stability through the prudential regulation and supervision of ADIs, insurers and superannuation licensees and will scrutinise ASIC on its enforcement strategy and supervisory approach’. ‘ASIC’s capability is of particular interest after recent data exposed errors in their SMSF fact sheet that should have been identified with basic critical reasoning’.   Public hearing details Date: Wednesday, 5 August 2020 Time: 11.00am to 1.45pm VIDEOCONFERENCE 11.00am 12.20pm 1.45pm Australian Securities and Investments Commission Australian Prudential Regulation Authority Close   The hearing will be broadcast live at aph.gov.au/live. For media comment: Please contact the Committee Chair Mr Tim Wilson MP: Electorate: (03) 9557 4644             Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat: Phone: (02) 6277 4587       Email: economics.reps@aph.gov.au  Website: www.aph.gov.au/economics

The Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee at a public hearing on Monday, 2 December 2019, as part of its review of the 2019 APRA Annual Report.

Media release issue date: Thursday, 28 November 2019

  House of Representatives Economics Committee Chair: Mr Tim Wilson MP The Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee at a public hearing on Monday, 2 December 2019, as part of its review of the 2019 APRA Annual Report. Chair, Mr Tim Wilson MP, noted that ‘APRA appeared at a public hearing in August this year; however, the committee determined that additional information and questioning was required to properly scrutinise APRA’. ‘The hearing will provide the committee with the opportunity to further question APRA on its performance and operation and, in particular, how it is implementing the recommendations of the Hayne Royal Commission and the APRA capability review.’ Mr Wilson said ‘a common theme across the Royal Commission and capability review reports was that APRA is a strong regulator in the area of traditional financial risk, but that more work needs to be done to ensure APRA is prepared to respond to future challenges, particularly in relation to non-financial risk’. Mr Wilson added ‘the committee will scrutinise APRA on how it promotes financial stability through the prudential regulation and supervision of Authorised Deposit taking Institutions, insurers and superannuation licensees, and other related issues.’ Public hearing details Date: Monday, 2 December 2019 Time: 8.00am to 11.00am Venue: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. For media comment: Committee Chair Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Committee Secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics