Australian Prudential Regulation Authority told its softly, softly days are over

A critical review of the country’s prudential regulator has recommended sweeping changes aimed at pulling it out of the shadows and pursing tougher action against wrongdoers.

The review panel has recommended “a new way of doing things”, noting that the Australian Prudential Regulation Authority’s softly, softly approach with the banks and other financial services companies “limits its impact and authority”.

“There are good reasons for a prudential regulator to be discreet, particularly in cases of acute financial stress,” the panel’s report found.

Source link Finance News Australia

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