An independent review is urging the overhaul of the Australian Prudential Regulation Authority , slamming it for a poor culture and variable leadership.It criticised APRA's dealings with regulated entities"behind the scenes"In a proposed shake-up of the often secretive regulator, a three member panel chaired by former ACCC chairman Graeme Samuel said change was needed.
"In combination with APRA's organisational structure, these factors limit its ability to deliver on the breadth of its mandate and adapt to new challenges." released in February, which was also critical of the Australian Securities and Investments Commission for failing to detect and eliminate misconduct in financial services.
'made 24 recommendations, including five directed at the Federal Government' this same Federal Government the voters in Oz returned to office with even more power.
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