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
Australian Securities and Investments Commission
Australian Prudential Regulation Authority
The hearing will be broadcast live at aph.gov.au/live.