APRA releases letter on a review of the prudential framework for groups
The Australian Prudential Regulation Authority (APRA) has issued a letter to all APRA-regulated entities setting out a roadmap for a review of the prudential framework for groups.
The letter released today follows APRA’s recent information paper on Modernising the prudential architecture, which was released on 12 September 2022. The paper noted that new business models and more complex group structures create new challenges and accentuate existing risks.
The aim of the review is to ensure that the prudential framework is fit for purpose to cater to an increasing array of new groups, and consistently applied to existing structures to ensure a level playing field.
The letter is available on the APRA website at: Group regulation - roadmap for review.
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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.