The Australian Prudential Regulation Authority’s (APRA) first stakeholder survey reveals general satisfaction with the regulator, despite some concern over compliance costs.

The 392 stakeholders surveyed included 84 general insurers and 19 life insurers. They were asked to rate various aspects of the regulator’s work on a scale of one to five. The highest ratings were attached to staff integrity (4.5) and professionalism (4.4), the effect of APRA enforcement of prudential requirements on industry (4.2), and APRA guidance and communication (4.2).

The lowest-ranked issues included the consideration of cost to the industry when changing the prudential framework (2.9), universal harmonisation of the framework (3.4) and the consistency of APRA supervision (3.6).

An APRA spokesman told insuranceNEWS.com.au the survey was a “strong endorsement of the APRA framework and approach”.