For the record, to be absolutely clear, as advised to APRA in writing by counsel, this author has never been a director of any company when it was called “Trio”. Assertions to contrary are false, a factual mistake by APRA more interested in administrative convenience than fact, which remains uncorrected and potentially defamatory.

Australia has arguably benefited from its market based regulatory system and progressed toward its first objective of an entrepreneurial wealth creating society competing with its global peers; the second objective, being investment stability and risk mitigation, has for many people been an abject disaster.

Australian financial regulation and supervision at a cross-roads. Whilst the Hayne Royal Commission identified egregious behaviour in banks and large financial institutions, far greater economic damage has occurred in less well known sectors of the Australian financial system.

The Australian Government is in receipt of four landmark reports: the Heydon Royal Commission, Productivity Commission (superannuation and financial sector competition), and the Hayne Royal Commission. Each of them points to deep systemic and cyclical problems in the provision of financial products and financial services.