APRA explains the restrictions on using certain words related to banking, and how APRA responds to applications to use restricted words.
On the horizon
While the most exciting thing on the horizon for many of us is the approach of Christmas and the end of a remarkably challenging year, APRA still has some important announcements scheduled in the final weeks of 2020.
Next week APRA will release the next stage of the ADI capital framework consultation, designed to make it more risk-sensitive, flexible and transparent. There will be a greater utilisation of buffers, increasing the ability of the framework to better respond to future crises. A focus of the design has also been a proportionate approach that provides a simpler framework for smaller ADIs, in keeping with the relative simplicity of their business models.
As always, much is happening in superannuation. Mid-December, APRA will unveil the first full refresh of the MySuper Product Heatmap that it launched a year ago. As in 2019, the Heatmap uses a graduating colour scheme to provide credible, clear and comparable insights into MySuper products across three areas: investment performance, fees and costs, and sustainability of member outcomes. This year, however, APRA will be highlighting those funds whose heatmap profiles remain predominantly red for the second straight year.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.
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