Sydney, 10 July, 2006: The Australian Bankers’ Association (ABA) welcomed the recent announcement by the Australian Securities and Investments Commission (ASIC) of the establishment of its Business Consultative Panel comprising senior business leaders.

Ian Gilbert, Acting Chief Executive Officer of the ABA, said: “This is a very positive move by the regulator demonstrating ASIC’s commitment to keeping pace with market developments and recognising the valuable contribution that industry can make to good policy development.”

“ASIC’s initiative involving a formal, regular consultative process with senior business leaders should provide balance and a wider range of policy options that result in better outcomes for consumers and business.” 

“ASIC has listened and responded to the concerns of business about over- regulation and is to be commended for taking this initiative.”

“Banking and financial services organisations are well represented on the panel and we are pleased to see the inclusion of ABA Chairman and Westpac CEO, Dr David Morgan,” said Mr Gilbert.

ASIC has been acting to improve its internal regulatory development process by recently announcing the Better Regulation Initiatives and the Service Charter.

For further information:

Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439

ENDS