Dealing with regulators

Your compliance framework needs to have a designated officer as the primary contact for dealing with your regulators.

You may have other staff who deal with regulators on a day to day basis but your CEO and other senior managers should have an ongoing relationship and dialogue with key regulators on current matters affecting your organisation.

Who are the key regulators for financial service mutuals?

  • prudential supervision: APRA
  • AFS licensing and consumer protection: ASIC
  • competition and fair trading: ACCC and State Fair Trading Offices
  • AML and sanctions: AUSTRAC
  • Privacy and credit reporting: Privacy Commissioner

Depending on your size and areas of business you’ll also deal with RBA (payment system including purchased payments such as smart card etc) the ATO and other regulators (such as PHIAC for health funds).

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Your Compliance Support Plan

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