APRA provides six-monthly update on Royal Commission recommendations
As stated in APRA’s 11 February announcement, there were 10 recommendations requiring APRA’s attention. Of the 10, APRA indicated that nine would be completed by the end of 2020; of those, four would be completed in 2019.
APRA is on track to meet all of the timelines and the table (at the link below) provides an update on APRA’s progress on each of the recommendations assigned to it.
APRA’s examination of each of the 12 matters in relation to individual entities that were referred to it by the Royal Commission is advanced and APRA will continue to liaise with ASIC and other relevant agencies to promptly address the matters identified.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.