Australian banks not immune
Australia’s regulatory system may have weathered the global financial crisis better than most, but that does not mean it should be immune from further reform, according to the Australian Prudential Regulation Authority (APRA).
Wayne Byres, APRA executive general manager of the Diversified Institutions Division, has told a conference that APRA’s position is “that it is both pointless and unhelpful to try to stand against the tide of international reform”.
“We are a small, open economy participating in a global financial system, and any attempt to declare independence from the rest of the world will inevitably be counterproductive,” he said.
Byres said that whilst ever the Australian banking system was reliant on offshore funding, it was vital that Australia be seen to be playing by the international rules of the game.
“Whatever the merits of the Australian banking system and its regulatory framework, in the midst of the crisis the rest of the world did not distinguish a great deal between our banks and those elsewhere,” Byres said.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
