ASIC AND APRA CONSULT THE FUNDS MANAGEMENT INDUSTRY ON GOOD PRACTICE IN UNIT PRICING (04.51) (Thursday, 23 December 2004) The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) today released a consultation paper seeking industry comment on proposed guidance for good practice in unit pricing.....
Super industry makes successful transition to new prudential reporting framework (04.50) (Monday, 20 December 2004)
The Australian Prudential Regulation Authority today commended trustees and auditors of superannuation funds for a successful transition to the new reporting framework.....
Director pleads guilty to APRA superannuation charges (04.49) (Wednesday, 15 December 2004)
An investigation by the Australian Prudential Regulation Authority (APRA) has led to a guilty plea to criminal offences by disqualified trustee, Mr David Foulds, before the Melbourne Magistrates Court. Mr Foulds holds the position of Director in superannuation consulting with accountancy firm, Pitcher Partners.....
APRA announces further disqualification in relation to HIH (04.48) (Wednesday, 08 December 2004)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Milan Vukelic from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or a senior manager or agent of a foreign general insurer in Australia.....
APRA upgrades its applied research capacity (04.47) (Thursday, 18 November 2004)
The Australian Prudential Regulation Authority (APRA) today announced a significant upgrading in its research capacity with three senior appointments to its in-house research unit. Dr Neil Esho, Professor Ian Sharpe and Dr Wilson Sy have been appointed as Head of Research, Senior Research Fellow and Principal Researcher, respectively.....
APRA appoints Fujitsu to manage National Claims and Policies Database for general insurance (04.46) (Wednesday, 17 November 2004)
APRA appoints Fujitsu to manage National Claims and Policies Database for general insurance ....
APRA releases statistics on the provision of banking services (04.45) (Thursday, 11 November 2004)
The 2003/2004 edition of the ADI Points of Presence statistics released today by the Australian Prudential Regulation Authority (APRA) shows a one per cent increase in the total number of face-to-face service facilities offered by ADIs across Australia over the twelve months to 30 June 2004.....
APRA disqualifies former Managing Director of Rural & General under ‘fit and proper’ (04.44) (Wednesday, 10 November 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of the former Managing Director of Rural & General Insurance Limited (R&G), Mr Aaron Stephenson, from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or a senior manager or agent of a foreign general insurer under the Insurance Act 1973 (the Act).....
APRA paper: Adoption of IFRS – prudential implications (04.43) (Monday, 08 November 2004)
The Australian Prudential Regulation Authority (APRA) today released an overview paper on the ‘Adoption of International Financial Reporting Standards – prudential implications’ that will assist APRA regulated institutions in their preparations for IFRS, which come into effect from the first reporting period on or after 1 January 2005. ....
APRA removes trustee of Melbourne-based superannuation fund (04.42) (Friday, 05 November 2004)
The Australian Prudential Regulation Authority (APRA) today announced the removal of Reno Auto Sales (Holdings) Pty Ltd as the corporate trustee for the Smith Group Superannuation Fund (the Fund) pursuant to section 133 of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).....
Implementation of Basel II in Australia (04.41) (Wednesday, 03 November 2004)
The Australian Prudential Regulation Authority (APRA) today announced that it will implement the Basel II Framework in Australia from year end 2007. Authorised deposit taking institutions (ADIs) will be required to meet the capital requirements of the Framework from 1 January 2008 and their prudential reporting for the quarter ended 31 March 2008 will be based on the requirements of the Framework.....
APRA releases new edition of 'Super Trends' (04.40) (Monday, 18 October 2004)
The Australian Prudential Regulation Authority (APRA) today released the latest edition of Super Trends for the June quarter 2004. Total superannuation assets rose over the quarter by 4.6 per cent and now stand at $625.2 billion.....
Ex-Zurich executive not to work as Approved Actuary for ten years (04.39) (Thursday, 14 October 2004)
The Australian Prudential Regulation Authority (APRA) today announced that it has accepted an Enforceable Undertaking under section 126 of the Insurance Act 1973 (the Act) from Mr Richard Mayo, who was an executive of Zurich Australian Insurance Limited (ZAIL) and its actuary approved under s 40 of the Act for the period from June 2003 until August 2004.....
APRA announces further disqualifications in relation to HIH (04.38) (Thursday, 14 October 2004)
The Australian Prudential Regulation Authority has announced the disqualification of Mr Rodney Aistrope and Mr Antony Boulden from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or senior manager or agent of a foreign general insurer. ....
APRA disqualifies GCRA individuals on “fit and proper” grounds (04.37) (Thursday, 14 October 2004)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of the following individuals from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or a senior manager or agent of a foreign general insurer:
• Mr Geoffrey Barnum
• Mr Christopher Byatt
• Mr Andrew John Smith
• Mr Tore Ellingsen
• Mr John Houldsworth
• Mr John Lindsay Self
....
APRA releases new statistics publications (04.36) (Monday, 11 October 2004)
The Australian Prudential Regulation Authority (APRA) will introduce two new statistics publications on the superannuation industry in mid-2005.....
APRA grants first superannuation licence under new regime (04.35) (Friday, 01 October 2004)
The Australian Prudential Regulation Authority (APRA) today granted the first Registrable Superannuation Entity (RSE) licence under the new superannuation licensing regime for superannuation trustees. ....
APRA appoints new Executive General Manager (04.34) (Friday, 17 September 2004)
The Australian Prudential Regulation Authority (APRA) today announced the appointment of Mr Wayne Byres to the role of Executive General Manager - Diversified Institutions Division (DID).
His appointment is effective 20 September 2004.
....
APRA releases changes to home loan risk-weighting (04.33) (Thursday, 16 September 2004)
The Australian Prudential Regulation Authority (APRA) today released revised criteria for authorised deposit taking institutions (ADIs) to qualify for the concessional risk weighting of residential mortgage lending for capital adequacy purposes.....
APRA disqualifies HIH actuary (04.32) (Thursday, 16 September 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr David Julian Slee from holding any appointment as an actuary of a general insurer under the Insurance Act 1973 (the Act). ....
APRA disqualifies Tasmanian lawyers as superannuation trustees (04.31) (Monday, 06 September 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr John Thomas Turner and Mr Grant Edward Kench from acting as trustees, investment managers or custodians of superannuation entities under the Superannuation Industry (Supervision) Act 1993.....
APRA makes case for early super licensing (04.30) (Friday, 20 August 2004)
Opening the national Superannuation Licensing Workshops this week, Deputy Chairman of the Australian Prudential Regulation Authority (APRA), Mr Ross Jones, has said that the arrival of superannuation choice will create real competitive advantages for trustees who make an early application for a superannuation licence.....
APRA disqualifies former trustees of Strategic Capital Superannuation Fund (04.29) (Tuesday, 17 August 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Michael van Rens, Mr Anthony Glass, Mr Terrence Lawson and Mr Damian Foley from acting as trustees, investment managers or custodians of a superannuation entity or responsible officers of a superannuation trustee corporation, investment manager or custodian under the Superannuation Industry (Supervision) Act 1993 (the SIS Act).....
APRA to Launch Publication Series on General Insurance (04.28) (Wednesday, 11 August 2004)
The Australian Prudential Regulation Authority (APRA) today announced that it will be introducing two new statistical publications on the general insurance industry over the coming year.....
APRA Proposes Improved Prudential Requirements for Lenders Mortgage Insurance (LMI) (04.27) (Monday, 09 August 2004)
The Australian Prudential Regulation Authority (APRA) today released a discussion paper that proposes an improved capital framework for lenders mortgage insurers (LMIs). APRA is also proposing a tightening of the prudential rules governing the 50 per cent capital concession available to authorised deposit taking institutions (ADIs) on mortgage insured loans.....
APRA releases latest edition of Superannuation Trends (04.26) (Monday, 02 August 2004)
The latest edition of Superannuation Trends released today by the Australian Prudential Regulation Authority (APRA) shows an increase of total superannuation assets of 3.6 per cent over the March quarter of 2004. Superannuation assets now stand at $596.0 billion.....
APRA Outlines its Approach to New International Accounting Standards (04.25) (Thursday, 29 July 2004)
The Australian Prudential Regulation Authority (APRA) today outlined the approach it will be taking during the implementation of International Financial Reporting Standards (IFRS) in Australia. This follows confirmation of the Australian equivalents to these Standards by the Australian Accounting Standards Board earlier this month. All Australian reporting entities must adopt the Standards for reporting periods beginning on or after 1 January 2005.....
APRA Releases Draft Prudential Standards for BCM (04.24) (Monday, 12 July 2004)
The Australian Prudential Regulation Authority (APRA) today released a draft Prudential Standard on Business Continuity Management (BCM) for authorised deposit-taking institutions, general insurers and life insurance companies (regulated institutions) for public consultation.....
APRA Disqualifies 13 Superannuation Trustees and Advisers (04.23) (Wednesday, 07 July 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of 13 individuals associated with the Victorian-based Wall & Ceiling Superannuation Fund (the Fund) from being trustees (or ‘responsible officers’ of a corporate trustee) under the Superannuation Industry (Supervision) Act 1993 (the SIS Act). ....
APRA Makes NCPD Reporting Standards (04.22) (Thursday, 01 July 2004)
The Australian Prudential Regulation Authority (APRA) has determined reporting standards under the Financial Sector (Collection of Data) Act 2001 that establish the framework for the National Claims and Policies Database (NCPD). The standards have effect from 30 June and must be met by authorised general insurers, including Lloyds of London. ....
APRA disqualifies trustee directors of EPAS Superannuation (04.21) (Thursday, 01 July 2004)
The Australian Prudential Regulation Authority (APRA) today announced that it had completed enforcement action against the five directors of EPAS Limited, the former trustee of the Queensland-based Employees Productivity Award Superannuation Fund (the EPAS Fund), which has resulted in their removal from the industry for life. ....
APRA releases new monthly banking statistics (04.20) (Wednesday, 30 June 2004)
The Australian Prudential Regulation Authority (APRA) today released the first edition of Monthly Banking Statistics....
APRA releases guidance material on super licensing (04.19) (Friday, 18 June 2004)
The Australian Prudential Regulation Authority (APRA) today released guidance material for the new superannuation licensing regime. The guidance material includes an explanatory guide on licensing and registration, and detailed application forms and information on licence and registration applications. APRA also announced a series of national workshops on superannuation licensing for trustees, beginning mid-August....
Brian Gray Scholarship (04.18) (Friday, 18 June 2004)
The Australian Prudential Regulation Authority (APRA) has awarded four student scholarships under the Brian Gray Scholarship Program.....
APRA investigates Zurich Australia Insurance Limited reinsurance transactions (04.17) (Tuesday, 15 June 2004)
The Australian Prudential Regulation Authority (APRA) today confirmed that it has been investigating certain past and now unwound reinsurance transactions in Zurich Australia Limited’s (ZAIL) general insurance business.....
APRA DISQUALIFIES SUPERANNUATION TRUSTEES (04.16) (Thursday, 27 May 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualifications of Mr Cleo Antoniou and Mr George Stavros under the Superannuation Industry (Supervision) Act 1993 (the SIS Act), effective 18 May 2004....
APRA DISQUALIFIES SUPERANNUATION AUDITOR (04.15) (Thursday, 20 May 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Perth-based auditor, Mr Kelvin Roehr, from acting as an Approved Auditor of superannuation entities regulated under the Superannuation Industry (Supervision) Act 1993 (the SIS Act) with effect from 5 May 2004....
APRA DISQUALIFIES SUPERANNUATION TRUSTEES (04.14) (Friday, 30 April 2004)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of
Mr Graham W. Stewart and Mr Ian R. Stevens under the Superannuation Industry (Supervision) Act 1993 (the SIS Act). The effect of these disqualifications is that Messrs Stewart and Stevens are prevented from acting as trustees, investment managers or custodians of a regulated superannuation entity or as responsible officers of a superannuation trustee, investment manager or custodian
....
AMP TO RESOLVE UNIT PRICING ISSUE (04.13) (Friday, 23 April 2004)
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) today announced that APRA has given directions to AMP Life Limited (AMP Life) and ASIC has accepted an Enforceable Undertaking (EU) from AMP Life and AMP Superannuation Limited (AMP) in relation to eight superannuation products administered by AMP Life.....
APRA RELEASES NEW EDITION OF SUPER TRENDS - DECEMBER QUARTER 2003 (04.12) (Wednesday, 21 April 2004)
The Australian Prudential Regulation Authority (APRA) today released Super Trends for the December quarter 2003, which showed an increase of total superannuation assets over the quarter of 3.3 per cent. Superannuation assets now stand at $565.9 billion.....
APRA RELEASES PUBLIC LIABILITY DATABASE SPECIFICATIONS (04.11) (Tuesday, 20 April 2004)
The Australian Prudential Regulation Authority (APRA) has released final specifications for the National Claims and Policies Database (NCPD), which will include detailed policy and claim data for public liability, professional risk and medical indemnity/malpractice from all APRA-regulated insurers. State and Territory insurers have also undertaken to contribute to the database.....
APRA APPOINTS ACTING TRUSTEE TO OSBORNE SUPER FUND (04.10) (Wednesday, 14 April 2004)
The Australian Prudential Regulation Authority (APRA) today announced that it has removed the trustee of the Western Australian-based Osborne Superannuation Fund (the Fund).....
APRA REVIEW OF NATIONAL AUSTRALIA BANK (04.09) (Wednesday, 24 March 2004)
The Australian Prudential Regulation Authority (APRA) has completed its investigation into the irregular foreign currency options trading at the National Australia Bank (NAB). Following endorsement by the APRA Members of the remedial actions required by NAB, APRA’s report was presented to a meeting of the NAB Board yesterday.....
APRA: RURAL & GENERAL INSURANCE LTD (04.08) (Thursday, 18 March 2004)
The Australian Prudential Regulation Authority (APRA) today was granted leave to discontinue its Federal Court action against Rural & General Insurance Ltd (Rural & General - now ACN 000 007 492), which was due to commence hearing on 15 March 2004.....
APRA DISQUALIFIES SUPERANNUATION AUDITOR (04.07) (Wednesday, 10 March 2004)
The Australian Prudential Regulation Authority (APRA) has disqualified Brisbane auditor, Mr Norman Chan, from acting as an Approved Auditor of superannuation entities regulated under the Superannuation Industry (Supervision) Act 1993 (SIS Act) with effect 5 March 2004.
In 2003, Mr Chan was the auditor of 39 regulated superannuation funds, which together were managing $87.9 million of assets on behalf of some 6900 members.
....
APRA RELEASES CONSULTATION PAPER ON PROPOSED “FIT AND PROPER” STANDARDS (04.06) (Tuesday, 02 March 2004)
The Australian Prudential Regulation Authority (APRA) today released, for public consultation, proposed “fit and proper” prudential standards for authorised deposit taking institutions, general insurance and life insurance institutions.....
APRA ACTIONS DISSOLUTION SCHEME FOR UNCONTACTABLE SUPER FUNDS (04.05) (Wednesday, 18 February 2004)
Following the announcement of its dissolution scheme for uncontactable superannuation funds late last year, the Australian Prudential Regulation Authority (APRA) today announced that it has wound-up 396 funds and disqualified their trustees. ....
APRA SUPER TRENDS FOR SEPTEMBER QUARTER 2003 (04.04) (Friday, 30 January 2004)
The latest edition of Super Trends, released today by the Australian Prudential Regulation Authority (APRA), has shown a 3.2 per cent increase in total superannuation assets in Australia for the September quarter 2003. Total assets now stand at $548.5 billion.....
APRA ACCEPTS ENFORCEABLE UNDERTAKING FROM LIFETRACK DIRECTOR (04.03) (Friday, 23 January 2004)
The Australian Prudential Regulation Authority (APRA) announced today that it had reached a settlement with Mr Barry Egan, a past director of the former Approved Trustee, LifeTrack Management Limited (LifeTrack), in relation to its investigation into the AM Diversified Traded Policies Fund (DTPF), of which LifeTrack was the trustee....
APRA REVIEW OF NATIONAL AUSTRALIA BANK (04.02) (Thursday, 15 January 2004)
The Australian Prudential Regulation Authority (APRA) announced today that it would undertake a review of the risk management controls employed by the National Australia Banks treasury division....
APRA STATEMENT ON NATIONAL AUSTRALIA BANK TRADING LOSSES (04.01) (Tuesday, 13 January 2004)
The Australian Prudential Regulation Authority (APRA) has been advised today by the National Australia Bank of approximately A$180 million in losses relating to unauthorised trading in foreign exchange options.....
