Two Of Australia's Three Financial Services Regulators  or  Two Of Three Government Bodies That Regulate Financial Services means Australia Has Three Financial Services Regulators.

Two Of Australia's Three Financial Services Regulators are:

1.        Reserve Bank of Australia

2.        Australian Securities and Investments Commission (ASIC)

Read carefully Navigating the new Framework - APRA, RBA, ASIC and ACCC in particular:

APRA was created to administer the Banking Act and the prudential regulation aspects of the various insurance and superannuation laws. The Life Insurance Act is to be amended to provide for APRA’s supervision of friendly societies when the States pass responsibility for them to the Commonwealth.

 

 

RBA and the ACCC

Let me detour briefly from APRA’s interests to the roles of the Reserve Bank and ACCC in the payments system. Both have responsibilities in this area – the ACCC through its general powers under the Trade Practices Act and the RBA with specific responsibilities under the new payments legislation.

Under its adjudication role, the ACCC may grant immunity from court action for certain anti-competitive practices where it judges that those practices are, on balance, in the public interest. It can also accept undertakings regarding third party access to essential facilities.

The RBA may designate a payments system as being subject to its powers and may then, following public consultation, impose an access regime on that system and/or determine standards for the operation of that system. Where the RBA has done this, members of the system will not be at risk of action under the Trade Practices Act for complying with the Bank’s requirements.

The ACCC retains responsibility for competition and access, except where the RBA has set an access regime or standards.

See:

ASIC Has Ignored Its Acknowledgement In 2010 That These Findings Have Implications For Our Regulatory Regime

ASIC - 'Tough cop' ASIC too timid on enforcement: Allan Fels - Ruth Williams  -  APRIL 15, 2016 SMH

ASIC needs a win in 2017, but it’s not likely to come from the banks  -  The Conversation

   ASIC report highlights a deep culture problem in Australia’s banks

ASIC - Consumer advocates back expanded powers for ASIC to probe banks - June 1, 2015

APRA - Banks make $920 million from credit card interest rates with profit margin now 16 per cent

APRA says everything is fine in housing market, but look at credit cards - SMH - JUNE 4, 2015

RBA  -  Credit card revolution is on the way - SMH  - Shaun Drummond  March 14, 2014

Banking inquiry findings – ask the wrong questions get the wrong answers

Banks need reining in, but an act is not the way - SMH

Banks 'plunder' travellers with Forex fees on credit card transactions

Fancy dress financial regulators ASIC and APRA must go - SMH

High Fee — Low Credit Predatory Credit Cards Prey Upon the Poor

How predatory banks are hooking credit cards customers  - News daily -

Regulators say huge credit card profits driven by the poor  -  SMH  -  August 28 2015

Reserve Bank of Australia and Credit Cards - Peter Mair, Finance and Banking Writer, Crikey.com  

How predatory banks are hooking credit cards customers  - News Daily -

Watchdogs quiet as banks gouge credit cards  -  Daily News  -  2 June 2015

Banks milking customers on credit card rates - Daily News

Navigating the new Framework - APRA, RBA, ASIC and ACCC