The Australian Prudential Regulation Authority (APRA) is seeking feedback on the introduction of minor but crucial updates to the regulatory framework governing general, life, and private health insurance sectors and authorised deposit-taking institutions (ADIs).
As part of its strategy to maintain a robust and responsive regulatory environment, APRA is seeking to implement technical adjustments and clarifications to its prudential framework. These adjustments are intended to refine and streamline existing guidelines without enacting significant policy shifts.
The proposed revisions span a range of prudential standards and guidance documents, each targeting specific operational areas within the financial and insurance sectors.
Key areas of focus include the enhancement of capital adequacy assessments, the refinement of credit risk management protocols, the optimisation of liquidity frameworks, and the improvement of public disclosure practices, among others.
Interested parties are encouraged to provide their insights and feedback by May 3.
In an effort to foster transparency and collaboration, APRA invites stakeholders to submit their comments and suggestions to [email protected].
The regulator emphasised the importance of this consultation, noting that all submissions received will be made publicly available on its website, barring any requests for confidentiality on specific parts of a submission. Following a thorough evaluation of stakeholder feedback, APRA plans to finalise and implement the revisions by the middle of 2024.
APRA and the Australian Securities and Investments Commission (ASIC) recently released additional sources to help financial institutions prepare for the implementation of the Financial Accountability Regime (FAR). The regulator also released a new survey on how its regulated entities deal with the financial challenges posed by climate change.
