What APRA expects

australian prudential regulation authority APRA

29 May 2008
| By Mike Taylor |

Australian superannuation funds and other financial institutions now have a clear picture of what they can expect from the Australian Prudential Regulation Authority (APRA), with the regulator having published a service charter.

But if organisations regulated by APRA thought that the service charter would be just a set of meaningless principles they will be sorely disappointed, because at the same time as outlining what it intends to do in dealing with the institutions, the service charter outlines APRA’s expectations of those it regulates.

In the section dealing with how it will deal with institutions, the charter states: “When you deal with us you can expect our staff to demonstrate our values of integrity, collaboration, professionalism, foresight and accountability.”

However, it also states: “We expect your board and senior management to be primarily responsible for your financial soundness and be aware of the legislation and prudential requirements you need to meet. We also expect you to be honest, professional and courteous in your dealings with us and our staff.”

The charter states that APRA also expects the organisations it regulates to provide it with timely and accurate information.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

21 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 2 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 3 hours ago