Financial regulators will be required to consider the burden any new rules place on lenders, especially smaller banks, Treasurer Jim Chalmers has said.
Jim Chalmers announced a new banking regulatory policy at the AFR Business Summit, which will require ASIC and APRA to consider the burden of new regulation.The move to map out and streamline banking regulation, based on a similar policy used in Britain, was announced by the treasurer in his speech to
The so-called “regulatory grid” has been sought by the Customer Owned Banking Association, which represents smaller lenders, and the Australian Banking Association ,“We will introduce a financial sector regulatory initiatives grid to make sure the standard business of regulation is carried out in a more co-ordinated and coherent way,” Mr Chalmers told the Summit.
The banks told Mr Chalmers last year that they were sinking in a mass of un-coordinated regulation. They quantified 1175 pages of new laws and regulations introduced since 2019, absorbing the recommendations of the Hayne royal commission. In addition, there are 130 different regulatory changes in train over the next year, according to the ABA.
Source: Financial Digest (financialdigest.net)