Australia uses a Twin Peaks financial supervisory architecture, which comprises a prudential regulator and a market conduct regulator. The logic of Twin Peaks is that regulatory functions are allocated between agencies according to the objective, rather than the target. This article argues that there are three, rather than two, distinct underlying objectives for financial sector regulation. The third is consumer protection. Regulation would be strengthened by the establishment of a specialist regulatory agency with responsibility for consumer protection in the retail market for financial products and services. The article therefore parts company with the final report of the Hayne Royal Commission, which recommended that the basic Twin Peaks architecture be retained.

中文翻译：

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海恩之后的双峰：监管架构中的紧张和权衡

澳大利亚采用双峰金融监管架构，其中包括审慎监管机构和市场行为监管机构。Twin Peaks 的逻辑是监管职能根据目标而不是目标在机构之间分配。本文认为，金融部门监管有三个而不是两个不同的基本目标。三是消费者权益保护。将通过建立一个专门的监管机构来加强监管，负责金融产品和服务零售市场的消费者保护。因此，本文与海恩皇家委员会的最终报告分道扬镳，该委员会建议保留基本的双峰结构。