APRA and ASIC aim for non-bank disclosure
Australian Prudential Regulatory Authority chairman John Laker has reportedly raised the possibility of tougher disclosure rules for non-banks which operate like banks.The Australian Financial Review reports this morning that Dr Laker said yesterday that APRA would look at whether stricter rules were needed in some circumstances to force non-banks to disclose that they are not banks.He reportedly told the Chartered Secretaries of Australia's annual conference that non-bank lenders had to make it clear that APRA did not supervise them."We will be looking in the light of Banksia [to] whether this perimeter is as sharply drawn as it needs to be."Australian Securities and Investment Commission deputy chair Belinda Gibson was also reported as questioning the existing rules on disclosure.ASIC chief Greg Medcraft was quoted in the same report as saying that, after the Banksia Securities collapse, he did not want to see another major collapse because of a failing by auditors.