APRA REVISES PRUDENTIAL TREATMENT OF CAPITALISED EXPENSES (03.78) (Monday, 22 December 2003) The Australian Prudential Regulation Authority (APRA) today announced amendments to the prudential standard on the measurement of capital by authorised deposit taking institutions (ADIs).....
APRA RELEASES UPDATED STATISTICS ON ADI ACCESSIBILITY (03.77) (Tuesday, 16 December 2003)
The Australian Prudential Regulation Authority (APRA) today released the results of its annual Points of Presence data collection, which provides a detailed picture of the face-to-face and electronic service facilities offered by authorised deposit-taking institutions (ADIs) as at June 2003.....
APRA TO WIND-UP UNCONTACTABLE SUPER FUNDS (03.76) (Monday, 08 December 2003)
The Australian Prudential Regulation Authority (APRA) will dissolve up to 500 uncontactable superannuation funds and disqualify the fund trustees for failure to lodge annual regulatory returns....
APRA PROPOSES CHANGES TO HOME LOAN RISK WEIGHTING (03.75) (Thursday, 27 November 2003)
In a discussion paper released today, the Australian Prudential Regulation Authority (APRA) proposes the introduction of more detailed criteria for authorised deposit taking institutions (ADIs) to qualify for the concessional risk weighting of residential mortgage lending for capital adequacy purposes.....
APRA RELEASES PAPER ON SECOND ROUND OF GENERAL INSURANCE REFORMS (03.74) (Thursday, 20 November 2003)
Following the introduction of the new prudential framework for the supervision of general insurers in July 2002, the Australian Prudential Regulation Authority (APRA) today released a discussion paper on a proposed second round of reforms.....
APRA RELEASES JUNE QUARTER LIFE INSURANCE TRENDS (03.73) (Tuesday, 28 October 2003)
The Australian Prudential Regulation Authority (APRA) today released the latest edition of Life Insurance Trends, which collates statistics from Australias 40 registered life insurers for the quarter up to the end of June 2003.....
APRA releases new edition of Super Trends (03.72) (Thursday, 16 October 2003)
The Australian Prudential Regulation Authority (APRA) today released the latest edition of Super Trends for the June quarter 2003, which revealed that total superannuation assets for Australia now stand at $533.9 billion.....
AMP Demerger (03.71) (Friday, 10 October 2003)
The Australian Prudential Regulation Authority (APRA) has given AMP Limited (AMP) an in principle approval to demerge its operations in Australia and the United Kingdom.
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APRA issues warning on unlawful early release of benefit schemes (03.70) (Thursday, 25 September 2003)
The Australian Prudential Regulation Authority (APRA) today warned members of superannuation funds not to engage the services of individuals or companies promoting early access to preserved benefits before retirement.....
On-line registration simplifies compliance for super funds (03.69) (Monday, 22 September 2003)
The Tax Office and the Australian Prudential Regulation Authority (APRA) have announced a new on-line registration system for the superannuation industry, effective from 22 September.
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APRA agrees compensation and remedial actions with National Australia Bank (03.68) (Wednesday, 03 September 2003)
The Australian Prudential Regulation Authority (APRA) has agreed a series of actions with the National Australia Bank Limited (the Bank) following the discovery of unit price errors in statutory funds held by National Australia Superannuation Pty Ltd, MLC Nominees Pty Ltd and National Australia Financial Management Ltd (NAFiM), all of which are subsidiaries of the Bank.....
APRA settles with directors of Lifetrack (03.67) (Monday, 18 August 2003)
The Australian Prudential Regulation Authority (APRA) announced today that it had reached a settlement with Approved Trustee, LifeTrack Management Limited (LifeTrack), and two of its directors.....
APRA approves Host-Plus trustee (03.66) (Thursday, 14 August 2003)
The Australian Prudential Regulation Authority (APRA) today announced that it has granted a licence to Host Plus Pty Ltd (Host Plus) as an approved trustee of public offer superannuation funds and re-instated it as trustee of the HOST-PLUS Superannuation Fund (the Fund).....
APRA launches data collection project for public liability and professional indemnity (03.65) (Monday, 04 August 2003)
The Australian Prudential Regulation Authority (APRA) has begun consultation with the insurance industry and other relevant bodies on the collection of policy and claims data for public liability and professional indemnity insurance. ....
APRA releases latest Life Insurance Trends (03.64) (Wednesday, 30 July 2003)
The Australian Prudential Regulation Authority (APRA) today released the latest edition of Life Insurance Trends covering the quarter up to the end of March 2003.
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APRA announces final regulatory arrangements for specialist credit card institutions (03.63) (Wednesday, 23 July 2003)
The Australian Prudential Regulation Authority (APRA) today released final authorisation guidelines for Specialist Credit Card Institutions (SCCI) and a new prudential standard on risk management of credit card activities for Authorised Deposit-taking Institutions (ADI). ....
APRA releases new edition of Super Trends (03.62) (Monday, 21 July 2003)
The latest edition of Super Trends, which was released today by the Australian Prudential Regulation Authority (APRA), places total Australian superannuation assets for the quarter ending March 2003 at $507.7 billion, a decrease of 1.7 per cent or $8.9 billion from the December 2002 figure of $516.6 billion.....
APRA WRITES TO GENERAL INSURANCE AUDITORS ON STATISTICAL RETURNS (03.61) (Thursday, 10 July 2003)
Following the detection of a number of deficiencies in data from general insurers, the Australian Prudential Regulation Authority (APRA) has asked industry auditors to review the systems and processes used by their clients to complete statistical returns.....
RURAL & GENERAL INSURANCE BROKING (03.60) (Tuesday, 08 July 2003)
Proceedings brought against the Australian Prudential Regulation Authority (APRA) by Rural & General Insurance Broking Pty Ltd have been discontinued by the judge in the District Court of New South Wales and subpoenas issued by the broker have been set aside as an abuse of process....
Appointment of new APRA members (03.59) (Friday, 27 June 2003)
The Australian Prudential Regulation Authority (APRA) today welcomed the appointments by the Treasurer, The Hon Peter Costello MP, of Dr John Laker, Mr (Kerry) Ross Jones and Mr Stephen Somogyi as its new members.....
APRA releases new prudential reporting forms for superannuation entities (03.58) (Friday, 27 June 2003)
The Australian Prudential Regulation Authority (APRA) has finalised a new prudential reporting framework for superannuation entities designed to provide a more accurate insight into the status of the superannuation industry. ....
APRA reports on hedge fund survey (03.57) (Thursday, 26 June 2003)
The Australian Prudential Regulation Authority (APRA) today announced the results of its survey on the level of superannuation monies invested in hedge funds.....
APRA implements conglomerates policy for ADIs (03.56) (Thursday, 26 June 2003)
The Australian Prudential Regulation Authority (APRA) today announced that its revised prudential standards for the prudential supervision of authorised deposit-taking institution (ADI) conglomerates will become effective 1 July 2003.....
APRA issues proposed guidelines on capitalised expenses (03.55) (Wednesday, 25 June 2003)
The Australian Prudential Regulation Authority (APRA) today issued proposed guidelines to ADIs on the inclusion of certain types of capitalised expenses as intangible assets for prudential purposes and their deduction from Tier 1 capital in accordance with Prudential Standard APS 111 Capital Adequacy: Measurement of Capital.
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APRA issues transition guidelines for Basel II implementation (03.54) (Monday, 23 June 2003)
The Australian Prudential Regulation Authority (APRA) today released its preliminary requirements for local banks, building societies and credit unions under the Basel Committee on Banking Supervisions new Basel Capital Accord, also known as Basel II, scheduled for implementation in 2007.....
APRA CEO to finish term at end of month (03.53) (Friday, 06 June 2003)
The Australian Prudential Regulation Authority today announced that its Chief Executive Officer, Mr Graeme Thompson, will end his five year term of appointment on 30 June 2003.....
APRA introduces licence fees (03.52) (Wednesday, 04 June 2003)
The Australian Prudential Regulation Authority (APRA) has introduced licence fees for new authorised deposit-taking institutions (ADIs), general insurance companies and life insurance companies, including friendly societies. The statutory instrument imposing the fees was published in yesterdays special issue of the Commonwealth Government Notices Gazette.....
APRA disqualifies trustee (03.51) (Friday, 30 May 2003)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Ms Juliette Zuppicich from acting as a responsible officer of a superannuation trustee, investment manager or custodian. Ms Zuppicich is a former trustee director of the failed Melbourne-based Colors Pty Ltd Superannuation Fund (the Fund), now in liquidation. ....
APRA releases guidelines on capital relief under Medical Indemnity Act (03.50) (Thursday, 29 May 2003)
The Australian Prudential Regulation Authority (APRA) today issued guidelines to bodies corporate seeking transitional capital relief under the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 (the Medical Indemnity Act).
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APRA statistics highlight concentration of superannuation in life sector (03.49) (Thursday, 29 May 2003)
Statistics released today by the Australian Prudential Regulation Authority (APRA) revealed that superannuation made up 87 per cent of all life office assets and accounts for 88 per cent of premiums as at December 2002.....
APRA urges attention to legacy issues (03.48) (Tuesday, 20 May 2003)
The Australian Prudential Regulation Authority (APRA) today emphasised the need for financial institutions to address legacy issues as part of their normal planning cycle and strongly advised, in particular life insurers and superannuation funds, to develop strategies to deal with superseded products and systems.....
APRA: individual disqualifications under consideration post-HIH Report (03.47) (Monday, 19 May 2003)
The Australian Prudential Regulation Authority (APRA) today announced that it is considering the need to disqualify or remove some individuals from responsible person positions in the general insurance industry.....
APRA disqualifies trustee (03.46) (Friday, 16 May 2003)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Ms Jane Mlikota (nee Parkinson) from acting as a responsible officer of a superannuation trustee, investment manager or custodian. ....
APRA Insight publication now available (03.45) (Thursday, 15 May 2003)
The 2nd Quarter 2003 issue of APRA Insight is now available on the APRA Website at www.apra.gov.au.....
APRA again cautions against unauthorised foreign insurers (03.44) (Thursday, 08 May 2003)
The Australian Prudential Regulation Authority (APRA) today renewed its alert to consumers, in particular small businesses, professional associations and community groups, about the use of unauthorised foreign insurers. It urged policy-holders to examine carefully the details of policies offered by unauthorised foreign insurers and the long-term viability of the provider before taking out cover.....
APRA seeks details of hedge fund investments (03.43) (Wednesday, 07 May 2003)
The Australian Prudential Regulation Authority (APRA) today announced that it has asked a number of superannuation fund trustees to provide information on the current level of funds held in alternative investment classes, specifically hedge funds.....
Basel Committee releases updated proposals on capital adequacy (03.42) (Thursday, 01 May 2003)
The Australian Prudential Regulation Authority (APRA) is seeking submissions from interested parties on the updated proposals for the reform of the international capital adequacy guidelines for banks released by the Basel Committee on Banking Supervision earlier this week. ....
APRA disqualifies CNAL superannuation trustees (03.41) (Thursday, 01 May 2003)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Roger Paul Miekle from acting as a responsible officer of a superannuation trustee, investment manager or custodian on the basis that he is not a fit and proper person under the Superannuation Industry (Supervision) Act 1993. ....
AMP (03.40) (Thursday, 01 May 2003)
The Australian Prudential Regulation Authority (APRA) today said that it will undertake a significant review of AMP's proposal to de-merge its operations in Australia and the United Kingdom prior to regulatory approval to ensure it maintains the interests of Australian beneficiaries....
APRA responds to HIH Royal Commission Report (03.39) (Wednesday, 16 April 2003)
The Chief Executive Officer of the Australian Prudential Regulation Authority (APRA), Mr Graeme Thompson, today noted the release of Justice Neville Owens report to the Government on his findings into the collapse of the HIH Insurance Group.....
APRA issues consumer alert on unauthorised insurer (03.38) (Tuesday, 15 April 2003)
The Australian Prudential Regulation Authority (APRA) today issued a warning to consumers buying insurance policies with Rural & General International Insurance Limited.....
APRA disqualifies superannuation trustees (03.37) (Tuesday, 15 April 2003)
The Australian Prudential Regulation Authority (APRA) today announced the disqualifications of Mr Sarkis Derstepanian and Mrs Margaret Derstepanian from being a trustee, investment manager or custodian of any regulated superannuation entity, or a responsible officer of a body corporate that is a trustee, investment manager or custodian of any regulated superannuation entity.....
APRA disqualifies CNAL superannuation trustees (03.36) (Monday, 14 April 2003)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Peter Cain from acting as a responsible officer of a superannuation trustee, investment manager or custodian on the basis of his lack of fitness or propriety under the Superannuation Industry (Supervision) Act 1993. ....
APRA CONFIRMS POSITION IN RELATION TO HOST-PLUS (03.35) (Friday, 11 April 2003)
The Australian Prudential Regulation Authority (APRA) today responded to news of a challenge to its decision in relation to the 120 day suspension of HOST-PLUS Pty Ltd from acting as trustee of the HOST-PLUS Superannuation Fund....
APRA releases new edition of Super Trends (03.34) (Thursday, 10 April 2003)
The latest edition of Super Trends, released today by the Australian Prudential Regulation Authority (APRA), has revealed an increase in superannuation assets of 2.4 per cent for the quarter from September 2002 to December 2002.....
APRA appoints acting trustee to Strategic Capital Superannuation Fund (03.33) (Sunday, 06 April 2003)
The Australian Prudential Regulation Authority (APRA) today announced that it has replaced Strategic Capital Superannuation Services Pty Ltd as the trustee (the Trustee) of the Perth-based Strategic Capital Superannuation Fund (the Fund) and appointed Deloitte Management Pty Ltd (Acting Trustee) as acting trustee. ....
APRA releases results of defined benefit superannuation funds survey (03.32) (Thursday, 27 March 2003)
The Australian Prudential Regulation Authority (APRA) has completed a health check on Defined Benefit Funds (DBF) which shows that average solvency levels have declined across the industry following the downturn in equity markets. ....
APRA: super safety dependent on trustee behaviour (03.31) (Wednesday, 26 March 2003)
The Australian Prudential Regulation Authority (APRA) said today that a safe and well-managed superannuation fund was most likely the result of trustees who work first and foremost in the interests of their members.....
Management of Exchange Settlement Accounts (03.30) (Wednesday, 26 March 2003)
When Real Time Gross Settlement (RTGS) arrangements were introduced in Australia in June 1998, it was decided that all banks would settle their RTGS transactions directly through their own Exchange Settlement (ES) accounts at the Reserve Bank.....
APRA: Industry not responsible for rising costs in PI Insurance (03.29) (Wednesday, 19 March 2003)
The Australian Prudential Regulation Authority (APRA) said today that rising premiums for professional indemnity insurance are essential to secure the prudential safety of the insurance industry, and are not the result of profiteering by insurance companies.
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APRA accepts Enforceable Undertaking from Strategic Capital Superannuation Services (03.28) (Wednesday, 19 March 2003)
The Australian Prudential Regulation Authority (APRA) has announced that it has accepted an Enforceable Undertaking from Strategic Capital Superannuation Services Pty Ltd, the Perth-based Trustee of Strategic Capital Superannuation Fund (the Fund). It has also commenced an investigation into the affairs of the Fund, which will provide a comprehensible picture of its financial position and establish whether any of members funds are at risk....
APRA suspends Host-Plus trustee (03.27) (Thursday, 06 March 2003)
The Australian Prudential Regulation Authority (APRA) today announced that it has suspended HOST-PLUS Pty Ltd from acting as trustee of the HOST-PLUS Superannuation Fund for a period of 120 days.....
Host-Plus (03.26) (Wednesday, 05 March 2003)
The Australian Prudential Regulation Authority (APRA) advised that it has been in active discussion with Host-Plus over a period of months on issues arising from disputes at trustee board level. ....
APRA alerts super industry to the drawbacks of hedge funds (03.25) (Wednesday, 05 March 2003)
The Australian Prudential Regulation Authority (APRA) today warned the super industry about its concerns over the use of hedge funds as an investment choice. ....
APRA disqualifies superannuation trustees (03.24) (Wednesday, 05 March 2003)
Dr Darryl Roberts, Head of Enforcement at the Australian Prudential Regulation Authority (APRA), today announced the disqualification of Mr Norman Zuppicich and Mr John Bayford from acting as responsible officers of a superannuation trustee, investment manager or custodian on the grounds that they were directors of a trustee of a superannuation entity at a time when the trustee was in serious contravention of the Superannuation Industry (Supervision) Act 1993 (the SIS Act), and that they failed the fitness and propriety test required by the SIS Act. ....
APRA welcomes move on Wealth Accelerator (03.23) (Monday, 03 March 2003)
The Australian Prudential Regulation Authority (APRA) has welcomed the Queensland Supreme Courts decision to appoint a liquidator over entities associated with Wealth Accelerator Systems (WAS). The decision comes after an application was made to the court by the Australian Securities and Investments Commission (ASIC), which had commenced what became known as the Groundhog litigation in 2001.....
Mortgage lending practices spark review by APRA (03.22) (Tuesday, 25 February 2003)
The Australian Prudential Regulation Authority (APRA) said today that a recent survey into the mortgage industry has confirmed the need for a health check of home lending practices by Australian banks, building societies and credit unions.....
APRA: Lifetrack sale will benefit members (03.21) (Friday, 21 February 2003)
The Australian Prudential Regulation Authority (APRA) today welcomed the announcement of the proposed purchase by Melbourne-based financial institution group, IOOF, of AM Corporations superannuation and insurance business. The purchase includes all superannuation funds under the trusteeship of Approved Trustee, LifeTrack Management Limited (LifeTrack), which currently manages around $2.8 billion of superannuation on behalf of 180,000 corporate and personal investors.....
APRA: super licencing will be driven by risk management capacity (03.20) (Friday, 21 February 2003)
The Australian Prudential Regulation Authority (APRA) says that the granting of superannuation licences under the new reforms will be dependent on a trustees ability to effectively demonstrate its capabilities in managing risk on a number of levels.....
APRA releases upgraded statistics on financial services access (03.19) (Monday, 17 February 2003)
The Australian Prudential Regulation Authority (APRA) today released the results of the banking points of presence data collection which provides a detailed picture of the face-to-face and electronic service points made available by authorised deposit-taking institutions (ADIs) as at June 2002.
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Brian Gray scholarship holders for 2003 (03.18) (Thursday, 13 February 2003)
The Australian Prudential Regulation Authority (APRA) has awarded four scholarships to honours year students under the Brian Gray Scholarship Program.
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UMP tax issue (03.17) (Tuesday, 11 February 2003)
The Australian Prudential Regulation Authority (APRA) said that a report in yesterdays media highlighting an unresolved tax issue in United Medical Protections (UMP) 30 June 2002 accounts was a systemic issue for discretionary mutual funds.....
APRA obtains independent report on Tower (03.16) (Monday, 10 February 2003)
The Australian Prudential Regulation Authority (APRA) has obtained an independent actuary's report into Tower Australia Limited's financial position. ....
APRA disqualifies auditor (03.15) (Friday, 07 February 2003)
The Australian Prudential Regulation Authority (APRA) has advised the disqualification of Melbourne auditor Mr Neil Curwood from being an approved auditor of superannuation entities regulated under the Superannuation Industry (Supervision) Act 1993 (SIS Act). ....
APRA obtains declaration and costs against Barclay MIS in Federal Court (03.14) (Wednesday, 05 February 2003)
The Australian Prudential Regulation Authority (APRA) today announced that Justice Dowsett of the Federal Court in Brisbane yesterday made declarations and orders in relation to Barclay MIS, which had been providing unregulated insurance to landlords contrary to the requirements of the Insurance Act 1973 (the Act). ....
APRA survey probes super investment performance (03.13) (Wednesday, 05 February 2003)
A working paper released today by the Australian Prudential Regulation Authority (APRA) has provided an in-depth assessment of the Australian superannuation industrys investment performance across all funds and sectors from June 1995 to June 2002 and highlights a number of key points relevant to the industry:....
APRA Insight publication now available (03.12) (Tuesday, 04 February 2003)
The 1st Quarter 2003 issue of APRA Insight is now available on the APRA Website at www.apra.gov.au.....
APRA accepts enforceable undertaking from Trustees of the Peter Green Employees Superannuation Fund (03.11) (Tuesday, 04 February 2003)
The Australian Prudential Regulation Authority (APRA) today announced that it has accepted an Enforceable Undertaking under Section 262A of the Superannuation Industry (Supervision) Act 1993 (the SIS Act) from Victor Peter Green and Simon Peter Green in relation to their role as Trustees of the Gold Coast based Peter Green Employees Superannuation Fund (the Fund).....
APRA Disqualifies Superannuation Trustees (03.10) (Monday, 03 February 2003)
Dr Darryl Roberts, General Manager Enforcement at the Australian Prudential Regulation Authority (APRA), today announced the disqualification of Mr Ross James Honeyman and Mr Carl Peter Hanich from acting as responsible officers of a superannuation trustee, investment manager or custodian on the basis of their lack of fitness or propriety under the Superannuation Industry (Supervision) Act 1993. ....
APRA prosecutes super fund defaulters (03.09) (Thursday, 30 January 2003)
The Australian Prudential Regulation Authority (APRA) today advised that it will be referring 21 cases to the Director of Public Prosecutions (DPP) for late or non-lodgement of the 2001/02 annual superannuation fund returns.....
APRA: UMP on road to recovery (03.08) (Wednesday, 29 January 2003)
The Australian Prudential Regulation Authority (APRA) today said that it regarded United Medical Protection (UMP) as being well on the road towards a full recovery.
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APRA must be assessed differently from other parties before the Royal Commission (03.07) (Friday, 24 January 2003)
Today, lead counsel representing the Australian Prudential Regulation Authority (APRA) before the HIH Royal Commission, Mr Ian Barker, QC, submitted that APRAs position essentially differed from the other principal parties before the Commission and should be assessed accordingly.....
APRA returns confirm decline in super assets (03.06) (Thursday, 23 January 2003)
A survey released today by the Australian Prudential Regulation Authority (APRA) has shown a decrease in total superannuation assets of 2.7 per cent for the September 2002 quarter.....
APRA Survey Reveals Rising Trend in Broker-Originated Lending (03.05) (Wednesday, 22 January 2003)
A report released today by the Australian Prudential Regulation Authority (APRA) has confirmed extensive use of broker-originated lending by Authorised Deposit-taking Institutions (ADIs), a trend which is likely to escalate over the coming year. ....
APRA: counsel assisting's submissions grossly unbalanced (03.04) (Wednesday, 15 January 2003)
The Australian Prudential Regulation Authority has vigorously refuted submissions made today by counsel assisting the Royal Commission in his closing. APRA looks forward to redressing the balance when it speaks to its closing submissions on 24 January.....
APRA opens public consultation on new reporting framework for superannuation (03.03) (Wednesday, 15 January 2003)
The Australian Prudential Regulation Authority (APRA) has released for public consultation a revised set of prudential returns designed to give a more accurate insight into the status of the superannuation industry through the provision of improved data including composition of investments, investment performance and the level of fees and charges. ....
APRA confirms discussions with Tower (03.02) (Tuesday, 14 January 2003)
The Australian Prudential Regulation Authority (APRA) today confirmed that it has requested Tower Australia Limited to top-up its surplus assets by $30 million.....
APRA refutes submissions by counsel assisting the HIH Royal Commission (03.01) (Tuesday, 14 January 2003)
In its closing submission to the HIH Royal Commission, which was made public today, the Australian Prudential Regulation Authority (APRA) strongly rejected a number of adverse submissions made against it by counsel assisting the Commission on the grounds that they were either unsupported by evidence or contrary to evidence led before the Commissioner.....
