Who regulates financial service industry in Australia?

Financial regulation in Australia is split mainly between the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA).

ASIC has responsibility for market integrity and consumer protection and the regulation of investment banks and finance companies, such as funds managers and financial advisers.

APRA is responsible for the licensing and prudential supervision of Authorised Deposit-taking Institutions (ADIs), life and general insurance companies and superannuation funds. So banks are supervised by APRA.

The Australian Securities Exchange has also played a role in regulating market conduct.

The Reserve Bank of Australia (RBA) retains its central banking functions including responsibility for most payment systems and setting of monetary policy. Yep, RBA is more of a ‘policy maker’ than ‘regulator’.

The Australian Competition and Consumer Commission (ACCC) regulates anti-competitive behaviour. However, it has an agreement with ASIC that ASIC oversees the majority of bank and financial service product and services providers.

Of course, all of these regulators are independent statutory authorities without direct oversight by a government department.

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