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What Australian national authorities regulate the provision of financial products and services

 

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What Australian national authorities regulate the provision of financial products and services

The Australian financial system is regulated by a number of national authorities. These authorities are responsible for the licensing and oversight of financial products and services, as well as ensuring the interests of consumers are protected. The Australian Prudential Regulation Authority (APRA) is the primary regulator of the financial system in Australia. APRA is responsible for the licensing and regulatory oversight of banking, insurance and superannuation entities. It is designed to protect the interests of depositors, insurance policyholders and superannuation fund members, and promote the stability of the broader financial system in Australia. APRA sets prudential standards and provides guidance to financial institutions in areas such as capital adequacy, liquidity and risk management. The Australian Securities and Investments Commission (ASIC) is another important regulator of the financial system in Australia. ASIC is responsible for regulating consumer protection and maintaining market integrity. ASIC's legislation requires it to ensure the efficiency and development of the economy, as well as reduce business costs. ASIC regulates financial markets and intermediaries, financial products and services, and corporate governance. The Reserve Bank of Australia (RBA) is the central bank of Australia and is responsible for the management of the nation's currency and monetary policy. The RBA is responsible for setting the official cash rate, which influences the cost of borrowing and affects the availability of credit. It also sets prudential standards for financial institutions and provides guidance on financial stability. The Australian Competition and Consumer Commission (ACCC) is the national competition regulator and consumer protection agency. The ACCC is responsible for promoting competition and preventing anti-competitive behaviour in the financial system. It also works to ensure that financial products and services are offered in a fair and transparent manner, and that consumers are not misled. The Australian Taxation Office (ATO) is responsible for the administration of the Australian taxation system. It is responsible for ensuring that individuals and businesses comply with their taxation obligations and that the revenue collected is used to fund public services. Finally, the Financial Ombudsman Service (FOS) is an independent dispute resolution service. It provides a free, fast and fair dispute resolution service for consumers and small businesses who have a dispute with their financial service provider. In conclusion, the Australian financial system is regulated by a number of national authorities. These authorities are responsible for the licensing and oversight of financial products and services, as well as ensuring the interests of consumers are protected. The primary regulator of the financial system in Australia is the Australian Prudential Regulation Authority (APRA). Other important regulators include the Australian Securities and Investments Commission (ASIC), the Reserve Bank of Australia (RBA), the Australian Competition and Consumer Commission (ACCC) and the Australian Taxation Office (ATO). The Financial Ombudsman Service (FOS) is an independent dispute resolution service that provides a free and fast resolution service for consumers and small businesses. .



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