The financial services sector is increasingly concerned about the burden of regulation, according to a survey on the Australian Prudential Regulation Authority’s (APRA) performance.

“The amount of regulation in terms of use of resources, let alone costs, and its impact on competitiveness is becoming a notable issue,” Australian Survey Research (ASR) says after conducting the study for the regulator.

“Some are openly questioning the value that a large amount of regulation or particular regulation adds to fund members, consumers or shareholders.”

Overall, the institutions, industry bodies and other stakeholders questioned are positive about APRA’s prudential framework, its staff and its approach to supervision, ASR says.

All topics received mainly positive responses, with the integrity and professionalism of the regulator’s staff earning the highest ratings.

APRA scored lowest on considering the cost of regulation to industry and successfully harmonising its prudential framework across sectors.

The questionnaire contained 45 items that respondents rated on a five-point scale. The results were similar to surveys held in 2011 and 2009, ASR says.

The industry sectors questioned were general and life insurers, authorised deposit-taking institutions, trustees and friendly societies.