APRA announces temporary suspension of APRA Connect data collection solution project
The Australian Prudential Regulation Authority (APRA) has announced the temporary suspension of its program to replace APRA’s Direct to APRA (D2A) data collection tool with APRA Connect.
Alongside other financial regulators, APRA has examined how the timing of regulatory initiatives might be adjusted to allow financial institutions to concentrate on their businesses and assist their customers as they adjust to the impacts of coronavirus (COVID-19). The temporary suspension of the APRA Connect project will provide some relief to entities and ensure flexibility for resourcing of work to ensure the financial resilience of entities and the provision of ongoing customer service.
APRA expects this temporary hold will last at least six months and delay all APRA Connect go live dates by at least this timeframe. As the external environment stabilises, APRA will advise entities when the project will restart.
Entities will continue to use Direct to APRA and other current reporting channels.
For related COVID-19 announcements see APRA's news and publications on COVID-19.
Important reminder: the D2A update for myGovID should be completed by 27 March 2020. For information see D2A is replacing AUSkey with myGovID.
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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.