Australian Senator Andrew Bragg recently criticized the current regulatory framework for the financial sector in Australia. In particular, he pointed to what he sees as failures in the country's twin peaks model of two independent regulators focused on market conduct and supervision, represented by the Australian Securities & Investments Commission (ASIC), and financial system stability, through the Australian Prudential Regulation Authority (APRA).
In an address to the Financial Services Council (FSC), Bragg argued that both ASIC and APRA are failing in their mandates. He alleged that ASIC neglects to address corporate misconduct effectively and that APRA does not sufficiently enforce the best financial interests duty (BFID) in superannuation funds.
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