APRA revokes Volt’s authorised deposit-taking institution licence
The Australian Prudential Regulation Authority (APRA) has revoked Volt Bank Limited’s (Volt) authorised deposit-taking institution (ADI) licence under the Banking Act 1959. Volt completed its return of deposits process in July, after announcing its intention to exit the banking industry in June.
An updated list of ADIs can be found on the APRA website at: Register of authorised deposit-taking institutions.
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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.