Update on APRA’s proposed product responsibility under the Banking Executive Accountability Regime

The Australian Prudential Regulation Authority (APRA) has released a letter outlining the revised timing of the implementation of product responsibility requirements under the Banking Executive Accountability Regime (BEAR).

On 28 June 2019, APRA released a consultation letter outlining APRA’s proposed approach to adding end-to-end product responsibility to the BEAR. APRA noted in this letter its intention to finalise these requirements in December 2019. 

APRA has today advised authorised deposit-taking institutions that it will delay finalising the consultation until the first half of next year in order to align the product responsibility proposal with the Government’s proposed extension of the accountability regime.

A copy of the letter can be found on the APRA website at: Consultation on proposed approach to product responsibility under the Banking Executive Accountability Regime.

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 $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.