Government and private business battle it out over regulation

Australia’s chief regulators take centre stage at this coming CPA Australia event.

Regulation is a necessary tool in business and governance, and while it is embraced by government it is often decried by the business community.

Regulation is designed to create fair operating environments but too often regulations end up skewing outcomes and creating red tape. There’s a constant tension between consumer protection and the costs of regulation. 

One size does not fit all. Different industries and professions are at different points on the regulatory spectrum.

The answer is not to do away with regulation but to find innovative ways to adapt its purpose, promote the right behaviour and, in the process, minimise the unintended impact.

Where do you draw the line? How do you account for professionalism and culture within a regulatory regime?

On 23 March, former CPA Australia chief executive Alex Malley FCPA brings together “The Three Tenors” who administer the regulation of Australia’s financial services: Greg Medcraft, chairman of the Australian Securities and Investments Commission (ASIC); Wayne Byres, chairman of the Australian Prudential Regulation Authority (APRA); and Paul Jevtovic APM, chief executive of the Australian Transaction Reports and Analysis Centre (AUSTRAC). The panel will discuss “Will governance sustain our financial systems for the future?”.

“Globalisation, digital disruption and international regulation are making our financial systems increasingly competitive and integrated, and ultimately more complex and susceptible to abuse,” says Malley.

“How do we as a community oversee the financial advice system so that all users can have confidence in it? Part of the answer is found within the culture of an organisation – you can stop poor behaviour if you get the culture right.”

The panel will discuss Australia’s role in the international regulatory environment, the key issues of the future and will take questions from the audience.

Read next: What's the cost of changing government regulation


May 2020
May 2020

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