Royal Commissioner Hayne described APRA as a "Do nothing Regulator" and ASIC as a "Do very little Regulator"
Both Regulators are classic examples of "Regulatory Capture", with most of the senior staff at APRA being former Bank executives.
The response of the Coalition Government has been to reward failure by throwing more money at both of these failed agencies.
ASIC is supposed to be the Financial Conduct Regulator, while APRA is supposed tobe the Prudential Regulator.
However our clueless politicians have imposed many conduct obligations on APRA which creates a hopeless Conflict of Interests for APRA.
APRA must be stripped of its conduct role and then made a Department of the Reserve bank of Australia.
This would follow the example in the United Kingdom where the Prudential Regulation Authority (PRA) is a Department of the Bank of England.
Superannuation has been COMPULSORY in Australia for nearly three decades, yet Australia has no dedicated Superannuation Regulator that would be the equivalent of The Pensions Regulator in the United Kingdom.
There is nearly $3 Trillion dollars held on trust in superannuation funds, and one of the biggest scandal exposed by the Hayne Royal Commission was the extent of the "Fees for No Service" scandal where the trustees of some superannuation funds simply stole money out of the accounts of fund members, even from the accounts of dead fund members!
The Big Banks in Australia are able to outspend any citizen who seeks justice in Australian Courts established under Chapter III of the Australian Constitution.
ASIC will only take regulatory action if ASIC considers it is in the "public interest" to do so.
Australian citizens must have "Equality of Arms" when they seek to have a serious and protracted dispute settled by the Court system.
The establishment of the "Office of Public Defender" would help assist bank customers in civil cases when the Big Banks seek to use the legal system in an unfair and unjust manner.
[Note: Article 5 of the Constitution of the Republic of Brazil, LXXIV item, requires the establishment of the Office of the Public Defender (Defensoria Pública) in Brazil]