Questions & Answers
What is the Council of Financial Regulators (CFR)?
The Council of Financial Regulators (CFR) is the coordinating body for Australia's four main financial regulatory agencies: the Reserve Bank of Australia (RBA), which chairs the CFR; the Australian Prudential Regulation Authority (APRA); the Australian Securities and Investments Commission (ASIC); and the Australian Treasury. It is a non-statutory body and has no legal powers aside from those of its individual member agencies.
When was the CFR established?
The CFR was established in 1998 following the recommendations of the Financial System Inquiry in 1997 (the Wallis Committee). The CFR succeeded the Council of Financial Supervisors, which operated from 1992 to February 1998.
What is the format of the CFR meetings? How often does the CFR meet?
The CFR meets in person at least quarterly. It can meet more often if circumstances require, or via teleconference. The meetings are closed to the public. The agenda for the meetings is determined by the Chair, in consultation with the other CFR member agencies.
The CFR is supported by ad hoc working groups of senior officials drawn from the member agencies.
Where do I find more information on the activities of the CFR?
Information on the general activities of the CFR is contained in the semi-annual Financial Stability Review that is published by the RBA.
Where do I find information on the activities of the four Council members?
The website for each Council member contains information on their specific responsibilities, including those responsibilities that relate to the stability of the Australian financial system. The contact details for the four agencies is on the Contact Us page.
What is the Financial Claims Scheme and how do I find more information about it?
The Financial Claims Scheme (FCS), which is commonly referred to as the Australian Government deposit guarantee, is designed to protect depositors of authorised deposit-taking institutions (ADIs) and policyholders of general insurers from potential loss due to the failure of these institutions.
If the FCS was activated by the Government, it would be administered by APRA, with the necessary payments being funded by the Government. More information on the FCS is available on the FCS website and the MoneySmart website
Where do I find information about the Government Guarantee Scheme for Large Deposits and Wholesale Funding?
Access to that Scheme is now closed to new liabilities. However, information on the Scheme can be found on the Government Guarantee Scheme wesbite and in two Reserve Bank of Australia Bulletin articles on the Scheme, in the March 2010 and March 2016 issues of the Bulletin.