APRA disqualifies superannuation trustees (02.59) (Thursday, 19 December 2002) Dr Darryl Roberts, General Manager, Enforcement, at the Australian Prudential Regulation Authority (APRA) today announced the disqualification....
Super Regulators urge caution on instalment warrants (02.58) (Monday, 16 December 2002)
The Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) have together urged superannuation funds to exercise extreme caution in the purchase of instalment warrants....
APRA: Insurance failures generate community risk (02.57) (Tuesday, 03 December 2002)
Speaking at the Institute of International Affairs in London today (GMT), Executive General Manager of the Australian Prudential Regulation Authority (APRA), Mr Charles Littrell....
APRA: Both the regulator and the industry have learnt from HIH (02.56) (Friday, 29 November 2002)
The Australian Prudential Regulation Authority (APRA) today said that the collapse of HIH and its flow-on effects have been cathartic events for general insurers and the regulator alike.....
APRA: Clarification on investment advisers (02.55) (Wednesday, 27 November 2002)
In response to questions at yesterday's Sustainable Investment Conference....
APRA releases new prudential standards for ADIs (02.54) (Wednesday, 27 November 2002)
The Australian Prudential Regulation Authority (APRA) today released updated prudential standards for Authorised Deposit-taking Institutions (ADIs)....
APRA: Good corporate governance about managing conflicts of interest (02.53) (Tuesday, 26 November 2002)
The Australian Prudential Regulation Authority (APRA) today said that the regulated financial sector faces substantial challenges in achieving good standards of corporate governance and ethically managing conflicts of interest is critical to the process.....
APRA speaks on Palmer (02.52) (Friday, 22 November 2002)
Speaking at a Committee for Economic Development of Australia (CEDA) luncheon in Melbourne today, the Chairman of the Australian Prudential Regulation Authority (APRA), Dr Jeffrey Carmichael, said that beyond the criticisms, the Palmer Report raised a number of important issues which had been largely ignored by commentators.....
Beacon trustee relinquishes licence (02.51) (Thursday, 21 November 2002)
The Australian Prudential Regulation Authority (APRA) today revoked the licence for Beacon Funds Management Limited to act as an approved trustee under Section 28(1) of the Superannuation Industry (Supervision) Act 1993. ....
APRA says unsuitable directors should go (02.50) (Friday, 15 November 2002)
The Australian Prudential Regulation Authority (APRA) today called on Australian company boards in the banking, insurance and superannuation industries to retire directors who do not meet APRAs stringent fit and proper standards.....
APRA outlines its super licensing criteria (02.49) (Wednesday, 13 November 2002)
The Australian Prudential Regulation Authority (APRA) today outlined the criteria superannuation funds had to satisfy to gain a license under its compulsory new standards for industry, while emphasising that the burden of maintaining the license lay with fund trustees. ....
Super industry improves lodgement performance of Annual Returns (02.48) (Monday, 11 November 2002)
The Australian Prudential Regulation Authority (APRA) today commended trustees of entities regulated under the Superannuation Industry (Supervision) Act 1993 for their vastly improved performance in lodging compulsory Annual Returns for the 2001/02 financial year.....
APRA Welcomes Release of its Report on HIH Supervision by Independent Expert (02.47) (Monday, 04 November 2002)
The Australian Prudential Regulation Authority (APRA) today welcomed the tendering of the Palmer Report in evidence at the HIH Royal Commission. ....
APRA welcomes superannuation licensing (02.46) (Monday, 28 October 2002)
The Australian Prudential Regulation Authority (APRA) today welcomed the Federal Governments announcement of reforms aimed at strengthening the safety and soundness of the superannuation system, notably the new licensing requirement for all APRA regulated superannuation funds.....
APRA issues strong reminder on super annual returns (02.45) (Thursday, 24 October 2002)
The Australian Prudential Regulation Authority (APRA) today warned trustees of superannuation entities that report on 30 June to ensure that their annual returns are lodged no later than 31 October 2002. ....
APRA welcomes medical indemnity reform (02.44) (Wednesday, 23 October 2002)
The Australian Prudential Regulation Authority (APRA) welcomed the Governments announcement today of reforms aimed at underpinning the security and continuity of medical indemnity insurance in Australia.....
APRA Annual Report shows positive impact of reforms on supervision and enforcement (02.43) (Wednesday, 23 October 2002)
The Australian Prudential Regulation Authority (APRA) today released its Annual Report for 2001/02, which highlights progress made with major reforms of Australias prudential regulatory and supervisory framework and a marked increase in APRAs supervisory and enforcement actions.....
APRA disqualifies former OAMPS director Kingsley Lamont (02.42) (Tuesday, 22 October 2002)
The Australian Prudential Regulation Authority (APRA) today announced that it had disqualified Mr Kingsley Clive Lamont, a former executive director and chairman of OAMPS Ltd, from being a trustee of any superannuation entity or a responsible officer of an investment manager or custodian of superannuation funds. ....
APRA increases its focus on corporate governance (02.41) (Tuesday, 22 October 2002)
The Australian Prudential Regulation Authority (APRA) has engaged Corporate Governance International Pty Ltd (CGI) to provide it with rating and analysis of large regulated banks, insurance companies and fund managers listed on the Australian Stock Exchange (ASX).....
Beacon to transfer funds to new Trustee (02.40) (Tuesday, 15 October 2002)
The Australian Prudential Regulation Authority (APRA) welcomes the appointment of Trust Company of Australia as Approved Trustee of superannuation funds currently under the trusteeship of Beacon Funds Management. ....
APRA reminds banks to observe conservative risk management practices (02.39) (Tuesday, 01 October 2002)
The Australian Prudential Regulation Authority (APRA) has reminded the banking industry not to grow short-term profits at the expense of adequate investment in resources to manage evolving business risks.....
APRA Proposes Blueprint for Future Regulation of General Insurance (02.38) (Thursday, 26 September 2002)
The Australian Prudential Regulation Authority (APRA) has today provided its Submission to the HIH Royal Commission on Future Policy Directions for prudential regulation of the general insurance industry.....
APRA calls on credit unions and building societies to review property lending practices (02.37) (Thursday, 19 September 2002)
The Australian Prudential Regulation Authority (APRA) has reacted to what appears to be an emerging trend in the very competitive property loans market by asking credit unions and building societies to review the soundness of their lending practices.....
APRA Accepts Undertakings From The Directors of Corporate Superannuation Trustee Evatab (02.36) (Wednesday, 18 September 2002)
The Australian Prudential Regulation Authority (APRA) today accepted an enforceable undertaking from Tab and Eva Fried arising from their actions as Directors of the corporate trustee, Evatab Pty Ltd, for the TED Engineering Key Employees Superannuation Fund (the Fund).....
APRA Criticises Audit Performance (02.35) (Tuesday, 17 September 2002)
The Australian Prudential Regulation Authoritys (APRA) General Manager, Dr Darryl Roberts, told an Association for Compliance Professionals of Australia Incorporated (ACPA) seminar on Compliance versus Enforcement today that the practice of auditor certification was working well below par.....
Brian Gray Scholarship Program Established (02.34) (Monday, 16 September 2002)
The Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia have established the Brian Gray Scholarship program in memory of Brian Gray, who died on 24 August last year while serving as Executive General Manager of APRAs Policy, Research and Consulting Division.....
APRA Appoints Acting Trustee to Colors Super Fund (02.33) (Friday, 06 September 2002)
The Australian Prudential Regulation Authority (APRA) today announced that it has replaced the trustee of the $400,000 Victorian-based Colors Pty Ltd Superannuation Fund.....
APRA Conducts 'Health Check' on Defined Benefit Funds (02.32) (Monday, 02 September 2002)
The Australian Prudential Regulation Authority (APRA) today announced plans to undertake a health check of Defined Benefit superannuation funds.....
APRA Presses Forward on Medical Indemity Reform (02.31) (Thursday, 29 August 2002)
The Australian Prudential Regulation Authority (APRA) today met with Medical Defence Organisations (MDOs), representing over 90% of the medical community, to progress reforms aimed at underpinning the security and continuity of medical indemnity insurance in Australia.....
APRA Warns Superannuation Industry 'Size Does Not Matter' (02.30) (Thursday, 29 August 2002)
The Australian Prudential Regulation Authority (APRA) today said that large superannuation funds were equally at risk of failure as small superannuation funds.....
Beacon Agrees to Transfer Funds to New Trustee (02.29) (Thursday, 29 August 2002)
The Australian Prudential Regulation Authority (APRA) has obtained an undertaking from Approved Trustee, Beacon Funds Management Limited (Beacon), that will protect the members of the funds under its trusteeship pending their transfer to a new Approved Trustee. ....
APRA Moves on Credit Card Reform (02.28) (Tuesday, 27 August 2002)
The Australian Prudential Regulation Authority (APRA) today announced its proposed regulatory arrangements for a new class of Authorised Deposit-taking Institutions (ADIs) specialising in credit card services.....
APRA Targets Disclosure and Conglomerates for Insurance Reform (02.27) (Thursday, 22 August 2002)
The Australian Prudential Regulation Authority (APRA) today said that it would be seeking to increase disclosure of prudential information and to expand supervision over financial conglomerates for general insurance. ....
APRA Announces New Rating Index (02.26) (Thursday, 22 August 2002)
The Australian Prudential Regulation Authority (APRA) today announced an upgraded internal rating system, the Probability And Impact Rating System (PAIRS), which will be used to assess the more than 3000 financial institutions that it regulates.....
APRA Appoints Head of Quality Assurance Unit (02.25) (Monday, 19 August 2002)
The Australian Prudential Regulation Authority (APRA) today announced the appointment of Mr John Doble to the position of General Manager of its planned Quality Assurance and Consistency Unit.....
Senior Management Appointment at APRA (02.24) (Thursday, 15 August 2002)
The Australian Prudential Regulatory Authority (APRA) has appointed Mark Baxter to the position of General Manager, Diversified Institutions Division (DID).....
APRA Establishes Quality Assurance Unit (02.23) (Monday, 12 August 2002)
The Australian Prudential Regulation Authority (APRA) today announced the establishment of a Quality Assurance and Consistency Unit that will develop and promote best practice supervisory and enforcement procedures across the regulatory agency.....
APRA Looks To Strengthen Super Safety (02.22) (Thursday, 08 August 2002)
The Australian Prudential Regulation Authority (APRA) today told the Senate Select Committee on Superannuation in Sydney, supervision without law reform is inadequate for the degree of protection the community demands.....
Senior Management Changes at APRA (02.21) (Wednesday, 07 August 2002)
The Chief Executive Officer of the Australian Prudential Regulation Authority (APRA), Mr Graeme Thompson, today announced the appointment of Mr Brandon Khoo to the role of Executive General Manager of APRAs Specialised Institutions Division and to APRAs Executive Committee.....
APRA Denies Rural and General Reauthorisation (02.20) (Thursday, 04 July 2002)
The Australian Prudential Regulation Authority today announced that it has denied insurance company, Rural and General Insurance Limited (Rural and General) reauthorisation under the general insurance reforms that took effect on 1 July 2002 .....
Australian General Insurance Industry Achieves High Marks in APRA Reauthorisation (02.19) (Sunday, 30 June 2002)
The Australian Prudential Regulation Authority (APRA) has announced that most Australian general insurance companies have been authorised under the General Insurance Reform Act 2001 (the GI Reform Act ). All general insurance companies must now comply with new Standards, which have been developed in conjunction with the industry over the past three years.....
Australia's World Class Insurance Reforms Come Into Effect (02.18) (Friday, 28 June 2002)
The Australian Prudential Regulation Authority (APRA) has announced that as of midnight Sunday 30 June 2002, its new Prudential Standards for general insurance companies will come into effect. All general insurance companies must now comply with these new Standards, which have been developed in conjunction with the industry over the past three years.....
APRA Announces Prudential Standard for Life Insurance Companies (02.17) (Tuesday, 18 June 2002)
The Australian Prudential Regulation Authority (APRA) today issued a prudential standard prescribing a minimum capital requirement for life insurance companies under the Life Insurance Act 1995. ....
APRA Prosecutes Trustees of Superannuation Entities for Non-Lodgement of APRA Annual Returns (02.16) (Wednesday, 05 June 2002)
The Australian Prudential Regulation Authority (APRA) today commenced prosecutions against trustees of superannuation entities regulated under the Superannuation Industry (Supervision) (SIS) Act 1993 who have failed to lodge a 2000/2001 Annual Return with APRA.....
APRA Leads Talks on Medical Indemnity Reform (02.15) (Wednesday, 29 May 2002)
The Australian Prudential Regulation Authority (APRA) today met with the nations Medical Defence Organisations (MDOs) as part of a long-term commitment by the industry to ensure the security of medical indemnity coverage.....
APRA Releases Prudential Standard on Outsourcing by ADIs (02.14) (Tuesday, 28 May 2002)
Reflecting the growing importance of outsourcing in the financial services industry, the Australian Prudential Regulation Authority (APRA) today released a new Prudential Standard on Outsourcing by Authorised Deposit-Taking Institutions (ADIs). ....
APRA Warns of Unauthorised Insurers Operating in the Victorian Taxi Industry (02.13) (Monday, 20 May 2002)
The Australian Prudential Regulation Authority (APRA) announced today it had served notice on 11 Taxi Clubs that they appeared to be illegally offering Victorian taxi owners and drivers comprehensive insurance for their taxis.....
APRA Issues Circular on Winding up Superannuation Funds (02.12) (Monday, 13 May 2002)
The Australian Prudential Regulation Authority (APRA) today issued a circular explaining its interpretation of the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act) for winding up a superannuation fund.
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APRA Confirms Exchange of Fund Income for non-Superannuation Benefits Fails Test (02.11) (Monday, 13 May 2002)
The Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) today confirmed that the investment of superannuation fund monies in particular schemes is inconsistent with the `sole purpose test' for regulated funds. ....
Court Stops Early Release of Super - ASIC Media Release (02.10) (Monday, 22 April 2002)
In the Federal Court in Brisbane, the Australian Securities and Investments Commission (ASIC), together with the Commissioner of Taxation (ATO) and the Australian Prudential Regulation Authority (APRA), have obtained interim injunctions against Mr Timothy Melrose Barritt, Mr Kelvin Oliver Mills and Ms Carolyn Ebba Mills.....
APRA Announces Draft Prudential Standard for Life Insurance Companies (02.09) (Friday, 19 April 2002)
The Australian Prudential Regulation Authority (APRA) today released for public comment a draft prudential standard setting out a minimum prescribed capital amount for registered life companies.....
CONSUMER WARNING
Unauthorised Foreign Insurer International Unity Insurance (02.08) (Thursday, 18 April 2002)
APRA has received a notice from the Office of the Controller of Insurance in the Solomon Islands that the registration International Unity Insurance (General) Limited has been cancelled with effect from 4.30pm, 16 April 2002. ....
APRA Stops Operations of Unauthorised Foreign Insurer (02.07) (Monday, 15 April 2002)
The Australian Prudential Regulation Authority (APRA) has today issued a consumer warning about Atlantic & Pacific Insurance Ltd (Atlantic & Pacific), a company claiming to be incorporated and registered in the Republic of the Marshall Islands as a general insurance company and offering insurance to Australian consumers.....
CONSUMER WARNING
Unauthorised Foreign Insurers Issuing Insurance Products in Australia (02.06) (Monday, 15 April 2002)
The Australian Prudential Regulation Authority (APRA) issued a warning urging consumers to exercise caution before entering into insurance policies with unauthorised foreign insurers.....
APRA to release new statistics on access to financial services (02.05) (Tuesday, 26 March 2002)
On 27 March, the Australian Prudential Regulation Authority (APRA) will release the first results of a new data collection, which provides detailed information about the face-to-face and electronic service points made available to the Australian community by authorised deposit-taking institutions (ADIs).....
Senior appointments (02.04) (Wednesday, 06 March 2002)
Graeme Thompson, Chief Executive Officer of APRA, today announced appointments to two senior management positions. Mr Thompson said that these appointments would bring additional strength and diversity to APRAs management team.....
Australasian Medical Insurance Ltd (AMIL) (02.03) (Wednesday, 27 February 2002)
The Australian Prudential Regulation Authority (APRA) today directed Australasian Medical Insurance Ltd (AMIL) to raise capital by 30 June 2002 sufficient to meet current minimum requirements under the Insurance Act 1973 (the Act).....
Trial date set to halt banking schemes (02.02) (Friday, 15 February 2002)
Last year the Australian Prudential Regulation Authority (APRA) commenced legal proceedings in the Federal Court preventing Wealth Accelerator Systems Pty Ltd, Wealth Accelerator Holdings Pty Ltd, Enterprise Management Systems (Australia) Pty Ltd, Bishkek Holding Pty Ltd and named individuals from carrying out activities including accepting subscriptions for membership of organisations described as ISH Bank , ECO Bank and EC Market Bank . ....
New Prudential Standards for general insurance companies (02.01) (Friday, 08 February 2002)
APRA Chief Executive, Graeme Thompson, today announced that APRA had finalised the new Prudential Standards for general insurance companies operating in Australia.......
Financial Assistance to WA Superannuation Fund - Minister for Revenue and Assistant Treasurer Media Release (02.001) (Tuesday, 02 July 2002)
The Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan, announced today that the Government had paid a financial assistance grant of $812,020 to benefit members of the Australian Independent Superannuation Fund (AISF).....
Financial assistance to superannuation investors - Minister for Revenue and Assistant Treasurer Media Release (02.00) (Friday, 14 June 2002)
The Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan today announced that she has decided to provide a grant of financial assistance to certain superannuation funds which were formerly under the trusteeship of Commercial Nominees of Australia Limited (CNAL).....
