APRA says 11 entities are in intensive care
The new chairman of the Australian Prudential Regulation Authority (APRA), Wayne Byres, has revealed that 11 of the entities APRA regulates are in “the intensive care ward”.
In an opening statement to a Parliamentary Committee hearing, Byres described the 11 entities as being in APRA’s two highest categories for regulatory intervention “the intensive care ward, so to speak”.
Without naming the entities involved, Byres said they were either “being restored to health”, or in some cases “making an orderly exit from the industry”.
The new APRA chairman sought to put the number of entities which are in trouble in context by saying they were just 11 of the 481 distinct entities regulated by APRA and represented only around one-tenth of one per cent of industry assets.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.