Australia’s “twin peaks” financial regulation system has been criticised many times since its formation in 1998 for its possible duplication of effort. Now the two regulators – the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) – have admitted to working on material that is not only duplicated but also inconsistent.

Over the past year, they’ve identified overlaps in financial data reported as well as double-ups in Australian financial services and superannuation licensing requirements.

The regulators also conceded duplication in their audit requirements, and are now working with Federal Treasury to remove some of the legislative sources of regulatory overlap, inconsistency or duplication.

In a joint statement released yesterday, APRA and ASIC say they are reviewing their administrative practices for unnecessary regulatory burden and evaluating how these problems might be reduced.

The agencies also invited the Finance Industry Council of Australia to regular meetings with APRA members and ASIC commissioners to discuss emerging industry and supervisory issues and regulatory co-ordination as a means to strengthen consultation on regulatory issues with the financial services industry.