Joint Media Release: APRA, ASIC and FICA hold meeting
On 10 August 2009, the Board of the Finance Industry Council of Australia (FICA) met with the ASIC Commissioners and APRA Members to discuss a range of regulatory and industry issues, against the backdrop of the global financial crisis.
The meeting was part of the regular dialogue between the financial sector regulators, ASIC and APRA, and associations representing financial market participants.
The meeting reviewed policy initiatives being developed at the global level in response to the Leaders of the G20, and their application in Australia. Discussion covered capital adequacy for deposit‑taking institutions, compensation in financial services, the protection of investors in financial products and other topics.
The meeting confirmed the importance of the regulators and industry working together to promote finance system stability and to restore investor confidence.
FICA comprises the Australian Bankers' Association (ABA), Abacus—Australian Mutuals, Australian Finance Conference (AFC), Australian Financial Markets Association (AFMA), Financial Planning Association (FPA), Investment and Financial Services Association (IFSA) and the Insurance Council of Australia (ICA).
For further comments please call Duncan Fairweather (Chairman) FICA on (02) 9776 7990; Stephen Woodhill, ASIC on (02) 9911 2683; Stuart Snell, APRA on (02) 9210 3384.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.