Regulators Unrepentant But Uncertainty The Winner

The last month has been a forgettable one for the Financial Services regulators ASIC and APRA after both had their cases shut down by the courts. The litigation first directive signalled by the regulators after the royal commission was supposed to help draw a fresh line in the sand for the financial services industry. Unfortunately, these court judgements have only further compounded the uncertainty for industry players. Although everyone is aware of the refocussed regulatory gaze, business may question future action that little bit more thoroughly, with the view that the regulators could be overreaching and simply trying to create compliance through speculative threats.