The Wallis era in Australian prudential regulation may be bought to close by a Labor government. APRA seems bound for a reunion with the Reserve Bank of Australia and even ASIC's status as a separate corporate cop may be ripe for a roll up.Chris Bowen, the shadow treasurer used a talk to the Financial Services Council in Sydney yesterday to rework Labor's reform priorities for the sector."A Royal Commission into banking and financial services on coming to office," was Bowen's opening boilerplate, a position soon upgraded to make clear one theme of recommendations from any inquiry the opposition's shadow cabinet favours."Our Royal Commission into banking … will need to deal with the evolving architecture of our financial and prudential regulation," Bowen said.A former treasurer who served in Kevin Rudd's second government, Bowen used his speech to take a turn at Labor's mid-winter refresh of its rhetoric, lest it fight the next federal election on the same platform as the last (which its lost very narrowly)."I want the Royal Commission to recommend what is necessary to stop banking scandals, but also given our changing circumstances in Australia in recent years, [to make sure] that roles and accountabilities of our regulatory authorities remain transparent and continue to be properly understood and scrutinised," he said.It has been more than twenty years since the Wallis Inquiry made recommendations regarding the financial regulatory architecture in Australia, including the establishment of APRA and ASIC, Bowen pointed out."The time is ripe for a proper, considered and comprehensive examination of our institutional arrangements," Bowen declared.