ASIC

The Australian Securities and Investment Commission (ASIC) is the primary regulator of credit and financial products in Australia. It regulates the conduct of providers of credit and financial products and services.

ASIC is responsible for granting and regulating Australian credit licences (ACLs) in accordance with the National Consumer Credit Protection Act 2009 (Cth) (NCCP Act) and the National Consumer Credit Protection Regulations 2010 (Cth) (NCCP Regulations).

ASIC is also responsible for granting and regulating Australian financial services licences (AFSL) which are  governed under a licensing regime contained in Chapter 7 of the Corporations Act 2001 (Cth).

APRA

The Australian Prudential Regulation Authority (APRA) is responsible for prudential  supervision  and regulation of banks, neo-banks, insurers and superannuation funds (other than self-managed superannuation funds).

It is responsible for authorising entities to carry on banking or insurance business in Australia or to be the trustee of a superannuation fund. APRA’s main concern is financial system stability.

AUSTRAC

Most financial services are considered designated services under the Anti-money Laundering and Counter­ Terrorism Financing Act 2006 (Cth) (AML/CTF Act) and are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

RBA

The Reserve Bank of Australia (RBA) is Australia’s central bank. In addition to its traditional central bank functions, the RBA is responsible for regulating payment systems (ie, systems that facilitate the circulation of money).

Under the Payment Systems (Regulation) Act 1998 (Cth), the RBA has the power to designate a payment system where it is in the public interest to do so and, thereafter, impose access regimes and standards on participants in that payment system as well as arrange for the arbitration of disputes between participants.

ACCC

The Australian Competition and Consumer Commission (ACCC) is responsible  for protecting consumer, business and communal interests by promoting competition and fair trade in the market.

The ACCC ensures that all individuals and businesses comply with the Competition and Consumer Act 2010 (Cth), including the Australian Consumer Law, which contains prohibitions on misleading and deceptive conduct and unconscionable conduct.

By Andrew Fish, Principal