APRA and AFCA sign Memorandum of Understanding
The Australian Prudential Regulation Authority (APRA) and the Australian Financial Complaints Authority (AFCA) have signed a memorandum of understanding (MoU) setting out how they will continue to work together to support a fair and efficient financial system.
The MoU sets out the basis for engagement between APRA and AFCA, including information sharing and other forms of cooperation and coordination.
It has been signed by APRA Chair John Lonsdale and AFCA’s Chief Ombudsman and Chief Executive Officer David Locke.
The MoU is available on the APRA website at: Memoranda of understanding and letters of arrangement.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.