Via the AFR:
Mr Bowen cited three “compelling” reasons for the new look at the financial service regulator, the Australian Prudential Regulation Authority (APRA) and the corporate regulator, the Australian Securities & Investments Commission (ASIC).
These are Australia’s soaring household debt driven by an investor-led property boom; a raft of “ad hoc” powers given to ASIC and APRA by the Turnbull government to try to keep at bay calls for a royal commission; and the implications of the rapid rise of Fintech, an area, he says, that “warrants a regular close eye given the rapid change occurring”.
