A system of "regulatory gate-keeping" and "detailed regulation impact statements" is needed to patrol the activities and governance of financial regulators, the Business Council of Australia has told the Financial System Inquiry.The BCA cited the 2011 price signalling laws, which apply only to banks, as an instance of a "poorly conceived and designed regulatory intervention."The peak business lobby said that "for all significant new regulations [there must be] detailed identification of the problem, detailed quantification of business impacts and substantial consultation."The BCA also called for "improvements to the oversight and accountability of regulators in line with the growing responsibilities."In a submission that chimes with themes raised by many banks, the BCA said there must be "appropriate checks and balances" on policy powers delegated to APRA and ASIC.It called for "better governance practices including for regulators … including reinstating the development and publication of statements of expectation and subjecting major regulators to a new performance and accountability code."It also wants "an Inspector-General to provide additional oversight of regulators" and "Statements of Expectation for regulators."On matters of economic substance, the Business Council favoured one piece of activist policy.The BCA said: "it may be useful for the inquiry to identify the parameters required by superannuation funds for investing in infrastructure … there may be scope for it to better support economic growth. This may include identifying compatible investment.However, in a comment that effectively questions the whole point of the inquiry, it said "Australian firms are generally able to access bank debt when they require capital."