The Australian Prudential Regulation Authority (APRA) has today released the APRA Service Charter as part of its on-going commitment to enhance transparency and accountability to its stakeholders.

APRA Chairman John Laker said the APRA Service Charter explains how APRA carries out its role and what those who deal with the prudential regulator can expect.

‘APRA deals mostly with the financial institutions that we supervise, but we do handle enquiries from members of the public and we approve early release of superannuation benefits on compassionate grounds,’ Dr Laker said.

‘The Charter explains what our stakeholders can expect from us and clarifies the key rights and responsibilities of APRA and our regulated institutions.’

APRA finalised the APRA Service Charter following consultation with industry and consumer groups, and government.  The Charter was a recommendation of the Report of the Taskforce on Reducing Regulatory Burden on Business (the Banks Report), which was endorsed by the Government in its Statement of Expectations for APRA.

The APRA Service Charter is available from APRA’s website at www.apra.gov.au/aboutApra/.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $3 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Stuart Snell, Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0407 250 276

All other inquiries:
APRA Contact Centre 1300 131 060.