- Promoting competitiveness should remain as the responsibility of the government with parliament’s oversight while regulators’ mandate should retain its focus on ensuring the integrity of markets and consumer protection.
- Regulators’ mandate should be extended to include a commitment to protect and promote the public interest.
- An independent oversight body dedicated to monitoring the financial services regulators’ activities should be established to enhance democratic accountability.
- A specialist parliamentary select committee focused on financial services regulation should be established to provide an additional level of parliamentary scrutiny.
- Responsibility for handling and protecting whistleblowers should be transferred to the new independent oversight body.
- There should be much greater transparency and stakeholder participation in the development of policy by financial services regulators, including through the creation of citizen panels.