APRA gives itself an elephant stamp
The Australian Prudential Regulation Authority (APRA) has given itself a pat on the back based on a survey of its stakeholders pointing to 75 per cent positive responses.
The survey, undertaken for APRA by Australian Survey Research, scored the regulator highest on factors such as integrity and professionalism, but scored it lowest on the cost of regulatory changes to the industry.
The surveying company placed a strong positive spin on the results, stating that the overall results had been positive for the regulator, with "regulated entities and knowledgeable observers" supporting APRA's framework and regulatory approach of principles-based supervision.
It said APRA's strengths were in its staff's integrity and professionalism, as well as its guidance material, with its consultation processes appearing to be generally working well.
The surveying organisation said the items on which APRA scored lowest might benefit from attention and deliver some positive benefits, particularly for smaller entities.
Drilling down on the survey results reveals, however, that attitudes towards the regulator vary across sectors of the financial services industry, suggesting size and resourcing is an element in circumstances where authorised deposit-taking institutions (ADIs) were generally more positive about APRA than either general insurers or superannuation fund trustees.
AUTHOR
Mike Taylor
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