The Attorney General has reviewed his decision on the membership of the recently constituted Western Australian Financial Institutions Authority.
The review followed concern expressed by some sections of the industry that the appointment of Mr Patrick Ryan as chairman might conflict with his current position as a non-executive director of Challenge Bank Limited.
Mr Berinson said the appointment of Mr Ryan recognised that he was a most capable and appropriately experienced person for the role. Industry views had confirmed that belief and the only concern which had been raised had been on the basis of possible conflict of interest.
"The legislation has provisions for dealing with any potential conflict which may arise," Mr Berinson said.
That, together with Mr Ryan's unquestioned integrity and professionalism supported his appointment.
Nevertheless the appointment of chairman must also have regard to the views of the industries to be regulated. This was especially the case in the deregulated banking and finance markets, where banks, building societies and credit unions were in daily competition.
In consultation with Mr Berinson, Mr Ryan had agreed to resign his position on WAFIA, and the Registrar of Co-operative Financial Institutions would consult with the industry with a view to a new appointment.
