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Panel to probe APRA’s ‘readiness to respond’

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A review of the Australian Prudential Regulation Authority’s (APRA) capability will start next month and report to the Government by June 30.

Former Australian Competition and Consumer Commission chairman Graeme Samuel heads the review’s three-person panel.

The assessment is among recommendations arising from the Hayne royal commission. Subsequent reviews will follow every four years.

“It is anticipated that the panel will give specific consideration to APRA’s capability to promote financial stability within its frameworks, and its readiness to respond to issues raised by [the royal commission],” Treasurer Josh Frydenberg said today.

“This includes APRA’s capability to regulate superannuation entities for the benefit of members, the role of enforcement activities and coercive powers, and the supervision of culture, governance and remuneration in regulated institutions.”