APRA statement on Cbus independent review
The Australian Prudential Regulation Authority (APRA) can confirm that it has now received the final report of the independent expert. Cbus is now required under the licence conditions to publish the report.
The independent review was required under licence conditions imposed by APRA on Cbus in August 2024 to address prudential concerns regarding Cbus’s assessment of the fitness and propriety of its responsible persons and fund expenditure management.
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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.