Financial Institutions and Banking
AUSTRALIAN GOVERNMENT REGULATORY AGENCIES - SEMI-REGULATORY
AGENCIES - PARLIAMENTARY SCRUTINY - FINANCIAL
MARKET FACILITATORS - FINANCIAL INSTITUTIONS
- INDUSTRY ASSOCIATIONS - CONSUMER
ISSUES
Following the recommendations of the Wallis Inquiry into Financial Reform
(March 1997), the Federal Government established a new regulatory framework.
The new structure is based on the following three independent statutory
agencies.
Reserve Bank of Australia The
RBA is Australia's central bank. Its main responsibility is monetary
policy. Other key roles are to maintain financial system stability and
enhance the safety and efficiency of the payments system.
Australian Prudential Regulation Authority
APRA is the prudential regulator of banks, insurance companies and superannuation
funds, credit unions, building societies and friendly societies.
Australian Securities
and Investments Commission ASIC is the last of the three Australian
government bodies that regulate financial services. It is the single
national regulator of Australia's 1.2 million companies.
HIH Royal Commission
The establishment of the Royal Commission was announced in May 2001
to investigate the collapse of the HIH Insurance Group.
AXISS Australia was established
by the Federal Government to develop and implement a campaign to enhance
Australia's position as a global financial service centre.
Australian
Accounting Standards Board/Financial Reporting Council
Corporations and Securities Panel
(the Takeovers Panel)
Parliamentary Scrutiny:-
Parliamentary
Joint Committee on Corporations and Financial Services
Senate
Committee on Finance and Public Administration
Senate
Committee on Economics
Senate
Select Committee on Superannuation
Financial Market Facilitators:-
Australian Stock Exchange The ASX
formed on 1 April 1987, is one of the two major self-regulatory organisations
operating in the Australian financial market. It is a profit-making company
with an obligation to its shareholders, as well as to its customers.
Sydney Futures Exchange The SFE
is the second self-regulatory organisation operating in the Australian
financial market. It is the major market for trading in commodities and
financial futures. Like the ASX, the SFE has recently demutualised and
is now a corporation limited by shares.
Banks etc.
APRA maintains a complete list of authorised deposit-taking institutions.
These include Australian-owned banks, foreign subsidiary banks, branches
of foreign banks, building societies,credit unions.
Friendly societies
These societies also come under the scrutiny of APRA.
Industry Bodies APRA maintains
an excellent list of industry and professional associations operating
within the finance sectors, including insurance and superannuation. The
following are examples:-
Financial Services Consumer Policy
Centre The FSCPC is a non-profit research organisation conducting
policy research and advocacy on national issues affecting low income and
disadvantaged consumers of financial services.
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