The Australian Prudential Regulation Authority (APRA) will face closer scrutiny from the Federal Parliament, with the House of Representatives’ Economics Committee establishing regular hearings into its activities.

Officials from the Reserve Bank and the Australian Securities and Investments Commission already appear regularly before parliamentary committees. 

Economics Committee chairman Kelly O’Dwyer told insuranceNEWS.com.au the APRA supervision will be similar to the Reserve Bank’s oversight hearings.

“The… committee felt there was value in putting in place regular public and private oversight hearings with APRA,” the Liberal MP said.

“APRA is a significant regulator with significant powers. Under the previous Labor government there was little in the way of oversight of this regulator, with APRA only appearing from time to time before Senate Estimates.”

APRA executives are likely to face questions about the need for increasing regulation – a common complaint among insurers and banks.