Media Release
21st September 2007
FICA comes together with financial regulators to improve the process of financial regulation
Finance Industry Council of Australia (FICA) chair and IFSA CEO, Richard Gilbert, acknowledged the goodwill demonstrated by all involved in yesterday’s landmark conference on ‘Financial Regulation: Costs, Benefits and the Process of Regulatory Change’ in Melbourne.
“It was an extremely constructive discussion between the key financial regulators and the industries they regulate, with the focus on outcomes and how to improve the regulatory system. The assistance of the academic community was also instrumental in ensuring a wide range of views and options was properly considered.”
“It is now up to government, financial regulators and the financial services industry to identify practical ways to improve regulatory decision making, policy thinking and the process of regulatory change.”
In this regard, FICA strongly supports a continuing dialogue on the process of regulatory change and will work with ASIC and APRA towards developing a work program to take forward the key issues arising out of the day.
Background
The conference was co-sponsored by ASIC, APRA and FICA and organized in association with the Melbourne Centre for Financial Studies.
The objective of the conference was to stimulate dialogue among key stakeholders on potential improvements to the design of financial regulation in Australia, and identification of general principles for the process of regulatory change.
FICA, along with APRA and ASIC, commissioned 6 papers targeted at different aspects of the regulatory process. They included:
- Australian Financial Sector Regulation: Improving the Process of Regulatory Change. Pamela Hanrahan, Law School, University of Melbourne
Regulation Impact Assessment. Andrew Serpell, Department of Business Law and Taxation, Monash University
Developing a Globally-Competitive Financial Services Sector: Managing the Tension between Innovation and Regulation through Self Regulation. Gail Pearson/ Steve Elliot, University of Sydney
Implementing Best Practice Regulation in a Dynamic Marketplace: Consultation and Accountability. Ric Simes, Access Economics, Hugh Green, Access Economics, Ian Harper, Melbourne Business School
Measuring Regulation and Regulatory Performance. Justin O’Brien, Centre for Applied Philosophy and Public Ethics - An ARC funded Special Research Centre - and Faculty of Business, Charles Sturt University
Quantifying benefit estimates for prudential rule making. Charles Littrell, Executive General Manager, Policy, Research and Statistics, APRA
The conference papers are available on the Melbourne Centre for Financial Studies website at: http://www.melbournecentre.com.au/FinRegConf/Financial_Regulation_Conference.htm