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APRA ‘on track’ with royal commission tasks

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The Australian Prudential Regulation Authority (APRA) says it is on track to meet timelines on the Hayne royal commission recommendations within its mandate.

APRA says four of the 10 recommendations requiring its attention will be completed by the end of this year and a further five will be completed by the end of next year.

The work program includes improving regulatory accountability, new remuneration standards for financial firms, increased supervision around culture and misconduct and improving co-operation with the Australian Securities and Investments Commission (ASIC).

The regulator says it is also “well advanced” in examining 12 matters referred to it that relate to individual financial entities.

“APRA will continue to liaise with ASIC and other relevant agencies to promptly address the matters identified,” it says in the six-month update.