APRA Service Charter

Service commitments and performance standards that provide clear expectations for APRA's key regulatory activities.

APRA’s Service Charter aims to strengthen transparency and accountability in its engagement with regulated entities and other stakeholders. 

The Charter sets out APRA’s service commitments and performance standards across key regulatory activities, providing stakeholders with clear expectations regarding the timeliness, quality and consistency of APRA’s services. It supports APRA’s commitment to being transparent, responsive and accountable while delivering its prudential mandate.

APRA commits to meeting the following service charter measures. Where this cannot be done, APRA will take every effort to discuss the reasons for any delay and provide an alternative solution. APRA’s annual performance against the service charter measures is reported in its Annual Report.

FunctionCommitmentMeasureTarget
PolicyImproved transparency and accountability in prudential policymaking.APRA will meet all requirements of the Office of Impact Analysis (OIA) when consulting on proposed changes to the prudential framework.100%
SupervisionTimely communication of prudential review outcomes.APRA will provide regulated entities with the outcomes of a prudential review in writing within 20 business days of the review’s closing meeting.>75%
ReportingTimely acknowledgement and response to reporting requirement queries.APRA will acknowledge receipt of a reporting requirement query within 5 business days and will provide a substantive response in time for the next reporting period.99%
LicensingTimely licensing decisions.APRA will make a licence decision in accordance with statutory timeframes where applicable, and for all other licence applications, within 3 months of receiving a substantially complete application1.>75%
Capital approvalsTimely responses to capital instrument applications.APRA will provide an initial response to a capital instrument submission within 25 business days of receiving a substantially complete application2.>75%
Timely confirmation of the capital eligibility of instruments and programmes.APRA will confirm the capital eligibility of an instrument or programme within 60 business days of receiving a substantially complete application.>75%
Timely Internal Ratings-Based (IRB) accreditation decisions.APRA will make an IRB accreditation decision within 9 months of receiving a substantially complete application3.>75%
ResolutionTimely payment of eligible deposits under the Financial Claims Scheme.APRA will return all eligible deposits at ADIs declared under the FCS, up to a total of $250,000 per account holder, and for non-complex accounts, will do so within seven calendar days4.100%

Footnotes

  • 1

    An application is determined to be substantially complete once an applicant has demonstrated it has sufficient financial and non-financial resources and has submitted the supporting material, which is of sufficient quality and detail to allow APRA to complete its assessment.

  • 2

    A substantially complete application must contain these documents: terms & conditions, including a pricing supplement (if applicable); prospectus/information memorandum; meeting provisions; legal/tax/accounting opinions; and entity self-assessment.

  • 3

    A substantially complete application must contain these documents: scope of the IRB application; IRB rollout plan (where applicable); APS 113 self-assessment; development documentation for rating systems and risk estimates; validation documentation for material rating systems and risk estimates; evidence of compliance with use and experience requirements; independent sign-off on data management practices and data quality; Board sign-off on the IRB application; IRRBB application (where applicable).

  • 4

    Non-complex deposits are protected accounts where sufficient data/permissions exist to enable payment to be made in the initial FCS payment files.