Economics Committee to scrutinise APRA and ASIC on financial stability and governance

With Australia’s economy starting to recover from the impacts of COVID-19, this Monday (29 March) the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues.

Witnesses from the Australian Prudential Regulation Authority and Australian Securities & Investments Commission will appear at the hearing.

Committee Chair Tim Wilson says ‘The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector’.

‘As Australia moves towards our “post COVID normal”, it is essential to maintain strong prudential regulation; promote competition; and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector’.

‘After the Chair of ASIC stepped aside due to allegations of misuse of taxpayer funds during our last hearing, the committee is particularly interested in scrutinising ASIC’s response to the Treasury’s review of ASIC governance, released in January this year,’ Mr Wilson added.

‘The committee is also interested in hearing how APRA is promoting strong prudential regulation and operational resilience amongst financial institutions, including super funds.’

Public hearing details

Date: Monday, 29 March 2021

Time: 9.00am to 1.30pm

Venue: Main Committee Room, Parliament House, Canberra, and via videoconference

The hearing will be broadcast live at aph.gov.au/live.

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