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APRA releases final prudential standard on recovery and exit planning

Thursday 1 December 2022

The Australian Prudential Regulation Authority (APRA) has released its final Prudential Standard CPS 190 Recovery and Exit Planning (CPS 190), aimed at reinforcing the resilience of the financial system. 

In the letter published today, APRA responds to the feedback received on the proposed new standard CPS 190, released for consultation in December 2021

The new standard aims to ensure that APRA-regulated entities are better prepared to manage periods of severe financial stress and it complements recent prudential reforms aimed at strengthening financial resilience.

CPS 190 will come into effect from 1 January 2024 for banks and insurers, and from 1 January 2025 for RSE licensees.

The letter to industry, final prudential standard and non-confidential submissions are available on the APRA website at: Strengthening crisis preparedness.
 

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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 $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.