The government will introduce a financial sector regulatory initiatives grid to help the industry better implement regulatory changes in a more efficient way.
In an announcement on Monday, the government said 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.
Modelled on a similar grid in place in the UK, it aims to allow entities to allocate their resources more efficiently when implementing regulation – reducing compliance burden and costs.
The grid will give financial services providers – particularly medium‑sized and smaller players – clear visibility of regulation that might impact their businesses and will support engagement with proposed reforms and their implementation.
The grid will be a rolling, 24‑month forward program of regulatory initiatives that will materially affect the financial sector, including banking, credit, insurance, superannuation, investment, payments, and capital market entities, updated twice a year.
It will be established and administered by Treasury and include proposed legislation, rule, and regulation and standard making, consultation processes, and data collection processes.
The grid will include initiatives of agencies including ASIC, APRA, the ACCC, the RBA, and the ATO.