Remuneration requirements for all APRA-regulated entities
This page contains APRA's consultation on new prudential requirements for remuneration. The new requirements will help regulated entities align remuneration practices with risk, performance and their long-term viability.
Update - September 2023
On 6 September 2023, APRA released a letter to all APRA-regulated entities on the findings of the pre-implementation of Prudential Standard CPS 511 Remuneration.
The letter to industry is available on the APRA website below:
Letter
Findings from CPS 511 pre-implementation review
August 2023
On 1 August 2023, APRA released a response to submissions and the final standard for CPS 511 Remuneration.
The response paper, final standard and non-confidential submissions to the consultation can be found below:
Media release: APRA finalises requirements for remuneration disclosure.
Response paper
Prudential standard
Republished 4 August 2023 | Published 1 August 2023 |
Non-confidential submissions
July 2022
On 6 July 2022, APRA released for consultation an amended CPS 511 to set out disclosure requirements and a draft CRS 511.0 that sets out reporting requirements.
Written submissions are requested by 7 October 2022.
The discussion paper, proposed amendments to CPS 511 and draft CRS 511.0 can be found below:
Media release: APRA strengthens transparency on remuneration and bank disclosures.
Discussion paper
Prudential Standard
Published 6 July 2022 | Published 6 July 2022 |
Reporting Standard
Reporting template
October 2021
On 18 October 2021, APRA released a final prudential practice guide on remuneration, which sets out guidance and examples of better practice to assist entities in meeting their requirements under the new prudential standard, CPS 511 Remuneration (CPS 511).
The final guide, response letter to industry and non-confidential submissions to the consultation can be found below:
Letter
Final remuneration guide
Non-confidential submissions
August 2021
On 27 August 2021, APRA released a response to submissions and final standard for CPS 511 Remuneration.
The response paper, final CPS 511 and non-confidential submissions to the consultation can be found below:
Response paper
Final prudential standard
Non-confidential submissions
April 2021
On 30 April 2021, APRA released for consultation a draft prudential practice guide on remuneration, which sets out principles and better practice examples to assist entities in meeting the requirements proposed in the new prudential standard, CPS 511 Remuneration (CPS 511).
Written submissions are requested by 23 July 2021.
The draft guide and consultation letter to industry can be found below:
Draft remuneration guide
Letter
Consultation - draft guidance on remuneration
November 2020
On 12 November 2020, APRA released an updated prudential standard for remuneration for a second round of consultation. The accompanying response paper sets out APRA’s response to industry’s feedback on the initial consultation proposals released in July 2019.
Written submissions are requested by 12 February 2021.
The response paper, revised draft prudential standard and non-confidential submissions to the initial consultation can be found below:
Response paper
Revised draft prudential standard
Non-confidential submissions
July 2019
On 23 July 2019, APRA released for consultation a discussion paper on the creation of a new prudential standard aimed at clarifying and strengthening remuneration requirements for all APRA-regulated entities.
Draft Prudential Standard CPS 511 Remuneration introduces heightened requirements on entities’ remuneration arrangements in response to evidence that existing arrangements have been a factor driving poor consumer outcomes. The proposed framework addresses recommendations 5.1 to 5.3 from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which were endorsed by the Government in February.
Written submissions are requested by 23 October 2019.
The discussion paper and draft prudential standard can be found below:
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.