The Albanese government has committed to better co-ordinated regulation of the financial services industry, to “make it simpler and easier to do business”. Treasurer Jim Calmers announced yesterday that the government would develop a “financial sector regulatory initiatives grid”, based on a United Kingdom model that has been in operation since 2020. The UK Regulatory Initiative Grid is published twice a year. It is designed to allow industry stakeholders to manage the timing of regulatory initiatives and plan for their implementation. The grid is put together by the Bank of England, the Financial Conduct Authority, Payment Systems Regulator, Competition and Markets Authority, Financial Reporting Council, Pensions Regulator and Information Commissioner’s Office. The latest update, published last November, sets out “key initiatives in the regulatory landscape” out to mid-2025. It sets out milestones towards full implementation of new regulation and indicate impacts on firms. And it provides an opportunity for feedback. Chalmers said in a statement: “A regulatory grid will help financial services businesses engage with the government and regulators more effectively and allow regulators to avoid duplication, build shared strategic priorities and focus on how to best implement reforms.” Local grid participants will include APRA, ASIC, the ACCC, the Reserve Bank and the Australian Taxation Office. The Australian Banking Association welcomed the move, releasing a statement yesterday that said: “With almost 1200 pages of new laws and regulations placed on the banking sector in the past four years, any initiatives that will allow banks to better plan and co-ordinate future regulation is welcome.” The Australian Financial Review reported last September that the ABA and the heads of some of its member banks met with Chalmers to lobby for the grid. According to the report, the banks asked for a say in the prioritisation of regulatory developments and for consideration to be given to the burden new regulations would impose on the sector, particularly smaller banks.