The Australian Prudential Regulation Authority (APRA), which was ordered by Treasury to monitor and examine the effectiveness of other jurisdictions’ regulatory systems as part of the Government’s response to the UFI issue, hasn’t yet begun work on the project.

HIH Royal Commissioner Justice Neville Owen recommended more stringent rules and regulation apply to foreign players, and a summary of a review by former Treasury executive Gary Potts was released by Treasurer Peter Costello last month. APRA was then commissioned to examine foreign players that operate in countries which lack acceptable regulatory regimes.

But an APRA spokesman told Sunrise Exchange News yesterday the regulator had “basically only heard about Treasury’s decision to hand off the monitoring of other jurisdictions at the same time as the public”.

“This kind of data will probably take months to acquire, and until we get precise information from Treasury on how it’s expected to work we won’t have any comments,” she said.