The Australian Securities and Investment Commission (ASIC) has revealed a plan to set up a new dedicated unit focussing on simplifying the cost of regulations for Australian consumers.
Welcoming the move, the Minister for Superannuation, Financial Services and the Digital Economy, senator Jane Hume said the unit, which was included in ASIC’s Corporate Plan, would identify and implement changes to how the Commission administered the law.
Senator Hume said it would work to streamline stakeholders’ interaction and support the more efficient and effective delivery of ASIC’s regulatory work.
She said creation of ASIC’s regulation unit was another step forward in improving regulatory alignment and cutting bureaucratic red tape.
“I want all Australian households to have access to affordable, high quality financial services and advice,” Senator Hume said.
“The creation of this unit is an important step forward for Australian businesses.”
Assistant Minister to the Prime Minister and Cabinet, Ben Morton said the implementation of the Government’s stewardship approach, which focused on minimising regulatory burden while preserving consumer protections, provided a model for other regulators.
“Regulators are the centre of the Government’s Deregulation Agenda and all regulators need to set clear expectations and demonstrate what best practice looks like,” Mr Morton said.
The Assistant Minister commended ASIC’s commitment to align its performance reporting with the principles of regulator best practice, as outlined in the new Regulator Performance Guide.
“The Guide is part of work to increase accountability, promote best practice, support cultural change and build the professionalism of regulators,” he said.
“This Guide also invigorates Ministerial Statements of Expectations for regulators, along with a Statements of Intent, which identify how regulators will deliver on them,” Mr Morton said.
