APRA consults on minimum capital requirements for PPF providers
The Australian Prudential Regulation Authority (APRA) has released a consultation on its proposed amendments to the minimum capital requirements for purchased payment facilities (PPF) providers.
In the letter released today, APRA outlined its proposed amendments to Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities (APS 610), to align the current minimum capital adequacy requirement for PPF providers with the broader capital framework for other APRA-regulated entities.
This proposal is an interim measure. APRA will provide an update on the planned broader review of APS 610 as part of its annual Policy Priorities update in early 2023.
The consultation on the proposed amendments to APS 610 will be open until 14 February 2023.
The letter to PPF providers is available on the APRA website at: Minimum capital requirements for purchased payment facilities providers.
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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.