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'Very unusual' Hayne intervention adds to pressure on APRA

Clancy Yeates |  22 July 2019  |  Investing

A rare public intervention from banking royal commissioner Kenneth Hayne could be aimed at ensuring his recommendations are not watered down by financial sector lobbying, former watchdog Allan Fels says.

As part of its response to commissioner Hayne's inquiry into misconduct in finance, the government last week published a capability review of the Australian Prudential Regulation Authority (APRA), which supervises banks, insurers and superannuation funds.

The review, chaired by former competition regulator Graeme Samuel, made 24 recommendations, but APRA chairman Wayne Byres appeared to sit on the fence in his response to some of these last week. While Mr Byres said APRA "broadly" backed all the recommendations, he added some required more funding and others risked creating a "huge bureaucracy."

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