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APRA authorises Restricted ADI

The Australian Prudential Regulation Authority (APRA) today announced it has authorised volt bank limited as a restricted authorised deposit-taking institution (Restricted ADI), and volt Corporation Limited as a non-operating holding company, under the Banking Act 1959.

Information on APRA’s Restricted ADI framework and an updated list of all APRA-authorised ADIs can be found on the website.

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.