One or both of APRA and ASIC are in for a walloping from the interim and final reports of Kenneth Hayne, as the royal commission into misconduct in the banking, superannuation and financial services industry drives for a conclusion by February next year.The Hayne analysis will reconfigure ASIC and APRA; one of these regulators may not even recognisably survive. Hayne looks to be leaning toward ASIC as principal enforcement agent for financial services, perhaps leading to a special branch within the DPP.    Under a heading of "deterrence and insight", counsel assisting Ken Hayne wrapped up their assessment for "policy and general questions" with an invitation to the commissioner to revamp the Wallis and Costello model for financial regulation in Australia. Their submissions on round five - the superannuation hearings - were published on Friday.At the conclusion of 212 pages of commentary, the counsels ask, first: "What can be done to encourage the regulators to act promptly on misconduct or potential misconduct?"Second: "Is the present allocation of regulatory roles appropriate to achieve specific and general deterrence from misconduct?"And third and most severe: "Are either of the regulators - ASIC and APRA - best placed to carry the responsibility to protect consumers? Should the balance between them be restructured or significantly altered?"The "effectiveness and ability" of financial regulators was listed by the government among the royal commission's terms of reference, followed by "whether any further changes" are necessary, directed at APRA and ASIC in particular.