Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

What I can say is I haven't ignored any warnings. When I was notified of this matter earlier this year, I very quickly sought a briefing from my department in relation to the matter. Following on from that, having found out about these matters, I wrote to APRA to receive briefings from APRA in relation to what further actions might be needed in relation to platforms. I've been working constructively with the Financial Services Council and with the industry on that matter. Furthermore, I've written to ASIC in relation to whether or not capital holding requirements of MISs are sufficient. Having been notified of these matters, I have asked my department to provide me with briefings in relation to how we might strengthen regulatory arrangements going forward.

So I would say to this chamber and, of course, to the member who's asked this question that, as we consider options going forward, I certainly look forward to working constructively with members of this House in order to find ways we can strengthen arrangements going forward.

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