APRA finalises new cross-industry Prudential Standard CPS 001 Defined terms
The Australian Prudential Regulation Authority (APRA) has finalised the new cross-industry Prudential Standard CPS 001 Defined terms (CPS 001). The new standard consolidates all existing standards on definitions for authorised deposit-taking institutions and general, life and private health insurers.
In a letter released today, APRA sets out its response to submissions to the November 2023 consultation on CPS 001 and issues the final revised CPS 001. The final CPS 001 will be effective from 1 October 2024.
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.