amp....in pre-open..., page-7

re: amp....wallis Stan the Man again.....

In 1997 the Wallis Report recommended regulatory systems including the following:


· the Reserve Bank of Australia (RBA) to be responsible for monetary policy, for the regulation of payments systems and for systemic stability;

· an Australian Prudential Regulation Commission (APRC) to be responsible for the prudential regulation of institutions involved in deposit taking, life and general insurance and superannuation, and

· a Corporations and Financial Services Commission (CFSC) to be responsible for market integrity, consumer protection and corporate financial behaviour.

I don't recall seeing anything said by APRC or CFSC on matters relating to AMP or the performance of Directors and management.

Has anyone else?


How could the Federal Government get a person of such limited capabilities to head up this enquiry?

(In June 1996, the Federal Treasurer initiated an Inquiry into the Australian financial system, under the direction of prominent businessman Stan Wallis, which was charged with:

· providing a stocktake of the effects of the financial deregulation which commenced around the beginning of the 1980’s;

· analysing recent technological developments with implications for financial practices;

· recommending a regulatory structure to ensure a competitive, efficient and flexible financial system consistent with financial stability, integrity and fairness.)

What a joke!

Stardust