Regulating the Regulators: Accountability of Australian Regulators
Melbourne University Law Review, Vol. 35, No. 3, pp. 739-772, 2011
35 Pages Posted: 26 Jul 2012
Date Written: July 26, 2012
This article examines the accountability of Australian regulators, focusing on the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. It defines what is meant by accountability and what regulators should be accountable for. The challenges involved in holding regulators to account are also explored. Against this background, the article reviews the mechanisms used to ensure accountability of regulators, ranging from the traditional and transparent legal mechanisms, such as judicial review, to the administrative and comparatively unrecognised mechanisms, such as tied funding. The article concludes that in spite of frequent calls for increased accountability, the case for change is not overwhelming. Australian regulators are subject to a comprehensive array of accountability mechanisms. However, improvements can be made, in particular to find a better balance between accountability on the one hand and the independence, expertise and efficiency of regulators on the other.
Keywords: administrative law, regulatory theory, accountability, financial services regulation
JEL Classification: K10, K23, K30
Suggested Citation: Suggested Citation