<P> In 1996 the Australian Government established the Financial System Inquiry following a period of financial deregulation that started in the early 1980s . </P> <P> In 1997, leading business figure Stan Wallis produced a report of his inquiry into Australia's financial system, entitled the Final Report of the Financial System Inquiry and commonly referred to as "the Wallis report ." Wallis recommended that the best structure for Australia at that time would involve two regulators: one responsible for prudential regulation of any entity that needed to be prudentially regulated; and one responsible for market and disclosure regulation of any financial products being offered to Australian consumers . </P> <P> Financial regulation in Australia is split mainly between the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA). The Australian Securities Exchange has also played a role in regulating market conduct . </P> <P> ASIC has responsibility for market integrity and consumer protection and the regulation of investment banks and finance companies . However, in practice it manifests this function in the oversight of External Dispute Resolution schemes (EDRs). There are two ASIC approved EDRs currently operating in Australia . The most prominent is the Financial Ombudsman Service (Australia) (FOS) which receives over 30,000 complaints per year . The second is the Credit and Investment Ombudsman (CIO), which received 4,760 complaints in the 2015 / 16 financial year . Both the FOS and CIO are not for profit, non governmental organisations funded by members including banks, financial advisers and other financial service providers . Thus, Banking regulators have a significant private and self - regulatory element . The Australian Bankers' Association Inc. is responsible for drafting of the Code of Banking Practice . In 2016 ASIC admitted to the Joint Committee on Financial Services and Corporations that ASIC does not have the power to oversee FOS on a day - to - day basis . </P>

What are the four main regulators of the finance sector in australia
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