Gov puts money, confidence behind APRA chair

6 November 2018
| By Hannah |
image
image
expand image

The Morrison Government has reappointed Australian Prudential Regulation Authority (APRA) chair, Wayne Byres, for another five years and committed $58.7 million of new funding to the organisation, ahead of what Treasurer Josh Frydenberg labelled a “time of significant reform in Australia’s financial system”.

The funding, which would be provided over four years from the current financial year, was earmarked to increase the number of frontline supervisors for the largest and most complex financial institutions, improve the regulator’s data collection capabilities, and enhance its abilities in responding to new and emerging risk areas. These areas would include cyber, fintech, and culture.

Following an Interim Report from the Banking Royal Commission that slammed financial services regulators’ responses to misconduct, Frydenberg also said that the additional funds would go towards a review of APRA’s enforcement strategy and its use of formal enforcement powers. This would include examining its use of such powers against the superannuation industry.

The Government also announced the appointment of a second deputy chair, John Lonsdale, who, alongside Byres, would be tasked with helping APRA develop a stronger focus on accountability and enforcement.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

A former adviser to superannuation trustees has sounded the alarm on what he describes as “serious deficiencies” within the system, urging regulators to take immediate ac...

6 hours ago

Bravura CEO Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment. ...

7 hours ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

4 days 3 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND