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‘It’s been too chummy’: Financial regular set for shake-up after release of damning report

An independent report is calling for a major review of how the peak financial regulator in Australia operates.

Former consumer watchdog boss Graeme Samuel led the review into the Australian Prudential Regulation Authority (APRA), which was found to be “slow to act” and “reluctant to change”.

The report, which will be released on Wednesday, outlines 24 recommendations for change.

The Age investigative journalist Adele Ferguson said the review shone a light on the “culture of confirming and “lack enforcement appetite” within APRA.

“This is our regulator and they are really damning words,” she told Ross and John.

“It’s been too chummy.”

Ms Ferguson said the review went some way to explaining some of the scandal which has dogged the sector, which earlier this year was detailed in the banking royal commission.

“We’ve seen so many scandals over the years because they’ve been able to get away with it,” she said.

“They’ve been allowed to be very non-transparent deals behind closed doors without anybody knowing what’s going on.

“They really need to be on the game and start regulating.”

She said despite the scathing findings, there was no suggestion the chairman or head of superannuation at APRA would lose their respective jobs.

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