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

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

The Chair of the Australian Prudential Regulation Authority (APRA) Capability Review Panel, Professor Graeme Samuel AC, will appear before the House Economics Committee at a public hearing on Wednesday, 11 September 2019, as part of the committee’s review of the performance and operation of Australia’s banking, insurance and superannuation regulator.

Media release issue date: Monday, 9 September 2019

  The Chair of the Australian Prudential Regulation Authority (APRA) Capability Review Panel, Professor Graeme Samuel AC, will appear before the House Economics Committee at a public hearing on Wednesday, 11 September 2019, as part of the committee’s review of the performance and operation of Australia’s banking, insurance and superannuation regulator. The Capability Review was commissioned by Treasurer Josh Frydenberg in response to the findings of the Hayne Royal Commission. The report of the Capability Review was released in July 2019 and the Panel made 24 recommendations, with 19 directed to APRA and five to the Government. Chair, Mr Tim Wilson MP, said ‘the Capability Review Panel identified APRA’s internal culture and regulatory approach needed improvement, and that it had to establish an additional focus on superannuation, while recognising that it was an impressive and forceful regulator in relation to traditional financial risks’. Mr Wilson said ‘the hearing will allow the committee to question Professor Samuel on the panel’s assessment of APRA’s capability to deliver upon its statutory mandate and respond to an environment of growing complexity and emerging risks for APRA’s regulated sectors.’ Public hearing details Date: Wednesday, 11 September 2019 Time: 11.05am to 12.05pm Location: Committee Room 2R1, Parliament House, Canberra The hearing will be broadcast live at aph.gov.au/live. Media inquiries Mr Tim Wilson MP, Chair Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au