The Australian Prudential Regulation Authority (APRA) has released new electronic forms designed to support compliance with upcoming obligations under Prudential Standard CPS 230 on operational risk management.
The release is part of a broader regulatory agenda, including proposed reforms to capital requirements for annuity providers.
APRA’s notification forms are intended for use by regulated institutions reporting specific events under CPS 230. These include:
The digital submission process is intended to streamline regulatory reporting and strengthen supervisory oversight in line with CPS 230, which takes effect from mid-2025.
The forms are now available through APRA’s official portal.
This move signals APRA’s continued focus on enhancing operational risk controls across banks, insurers, and superannuation trustees, reinforcing the regulator’s supervisory approach through clearer and more consistent reporting expectations.
In a separate release, APRA is seeking industry input on potential adjustments to the capital framework for life insurers offering annuities.
The proposals aim to link capital requirements more directly with an insurer’s ability to manage risk, particularly through asset and liability alignment.
Under the proposed changes, insurers that can demonstrate strong risk controls and closer matching between annuity liabilities and backing assets may qualify for reduced capital obligations.
According to APRA, this approach could promote more effective risk transfer mechanisms while maintaining financial stability.
The consultation paper also responds to concerns from annuity providers that current capital standards may be limiting product design flexibility and contributing to higher costs, particularly as Australians seek more retirement income options.
The consultation is open to responses from industry participants, including life insurers and superannuation funds, until July 25. APRA has requested views on the potential impact of the proposed framework and how it may influence annuity offerings.
TAL group chief executive and managing director Fiona Macgregor noted the insurer’s support for the direction of the reforms.
“Evolving Australia’s capital settings for retirement income solutions, alongside advice reform and product innovation, will help more Australians retire with confidence,” she said.
She added that long-term investment in retirement products relies on regulatory clarity and collaboration.
Meanwhile, the Australian Securities and Investments Commission (ASIC) has announced that its focus has moved from consultation to delivery in its capital markets strategy.
Speaking at the 2025 ASIC Symposium, chair Joe Longo said that the regulator is now prioritising the rollout of initiatives aimed at strengthening the efficiency and competitiveness of Australia’s capital markets.
“We’re now looking at which ones we can bring to the front burner to fuel growth and activity in our markets. We’re moving from listening to action,” he said.
He pointed to recent simplifications in the initial public offering process as an example of action already underway.
While no new regulatory oversight is currently planned for private capital markets, Longo acknowledged the increasing importance of these segments, particularly due to the involvement of institutional investors such as insurers and super funds.
