Financial Services Industry Regulatory Bodies

The financial services industry combines various organisation types, the majority falling within one of the following:

Accountants
Banking
Conveyancing
Credit and lending services
Credit management
Finance and mortgage broking
Financial markets
Financial planning
Insurance
Loss adjusting
Retail financial services
Risk management
Superannuation
Workers compensation

These organisations are all accountable to a regulation / regulatory body overseeing the financial services industry. The three main bodies consist Australian Prudential Regulation Authority (APRA), The Australian Securities and Investments Commission (ASIC) and The Reserve Bank of Australia (RBA). Whilst these three are the main arms to the financial services industry, below is an outline of these three plus others, including a brief understanding of each:

ASIC - Monitors and promotes market integrity and protects consumers, investors and creditors. It regulates Australian companies, financial markets and financial services organisations, including those who deal and advise in investments, superannuation, insurance, deposit taking and credit. ASIC also promotes participation in the financial system by investors and consumers and provides information to the public about companies.
APRA - Regulates banks, insurance companies, superannuation funds, credit unions, building societies and friendly societies to ensure that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors adn policy holders. APRA is also responsible for the registration of financial corporations.
RBA - Makes monetary policy decisions aimed at achieving low and stable inflation. The RBA is responsible for maintaining the stability of the financial system, and it manages Australia's foreign reserves, issues Australian currency notes and is banker to the Commonwealth Government.
Australian Competition and Consumer Commission (ACCC) - Administers the Trade Practices Act and the Prices Surveillance Act, and other legislation. It promotes competition, fair trading and consumer protection. It also vets proposed price rises; holds inquiries into pricing practices; and monitors prices, costs and profits of an industry or business.
Australian Taxation Office (ATO) - Is the Federal Governments principle revenue collection agency and is part of the Treasurer's portfolio. Its main role is to administer legislation from taxes and excise. The ATO administers a wide range of revenue laws, including those relating to income tax, company tax, fringe benefits tax, ABN and the Australian Business Register, GST and PAYG, higher education funding, the Medicare levy, self managed superannuation funds and excise duty.
Australian Securities Exchange (ASX) - Operates Australia's main national stock exchange, regulates access to its markets and the conduct of trading, with the aim of promoting market integrity. It also provides market data and information to users. The ASX develops and implements rules designed to ensure orderly and fair markets, and supervises trading activity in those markets. It acts in association with other regulators, particularly ASIC. The ASX also supervisors stockbrokers and broking firms.
Office of the Privacy Commissioner - Purpose is to promote and protect privacy in Australia.
Australian Human Rights and Equal Opportunity Commission (HREOC) - To foster greater understanding and protection of human rights in Australia and to address the human rights concerns of a broad range of individuals and groups, typically anti-discrimination legislation.
Consumer Credit Code - The Consumer Credit Code was developed in response to business and consumer concerns as a national initiative to standardise credit practice in Australia. The Consumer Credit Code covers a considerably wider range of credit transactions than previous laws. A credit provider is defined as any business which provides finance to purchase goods, services and land or to lease goods. The Consumer Credit Code applies to these credit providers if they charge for the credit and if their customers are individuals or residential strata corporations who use it mostly for personal, household or domestic purposes.
Australian Bankers Association - The ABA works to ensure that the banking industry views are put forward when governments determine policy or legislation. Many areas of Commonwealth and State law and in some cases international law, impact upon the commercial interests of Australian banks. The Australian Competition and Consumer Commission (ACCC), the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) regulate banks.
Insurance Council of Australia - The Insurance Council represents the interests of the Australian general insurance industry. Insurance Council was established to act as the peak body for general insurance companies in Australia licensed under the Insurance Act 1973.
The Treasury - Today, the department focuses primarily on economic policy.