The Australian Prudential Regulation Authority (APRA) has published its new Corporate Plan for 2022-2023 for supervision of the banking, insurance and superannuation industries over the next four years.

Its plans include:

• In co-ordination with Government and the CFR, APRA is reviewing the regulatory framework for several payment-related matters including stored-value facilities, stablecoins and crypto assets.
• APRA will partner with ASIC to gather market intelligence and enhance data sets in areas of common interest, including products with affordability or availability concerns and influencing product design and distribution to meet the needs of the community.
• APRA will continue to ensure regulated institutions are well-prepared for the risks and opportunities presented by climate change.
• Update Prudential Standards CPS 220 Risk Management; CPS 510 Governance; and CPS 520 Fit and Proper and related guidance, to ensure they are, amongst other things, reflective of current practices and aligned with the proposed new Financial Accountability Regime (FAR).
• Embed compliance with Prudential Standard CPS 511: Remuneration and related guidance, including conducting reviews on the role of boards and the use of non-financial measures in incentive plan design, consequence management and remuneration adjustments.
• APRA will continue its heightened focus on operational and technological resilience across Australia’s financial system by delivering on its cyber security strategy involving embedding Prudential Standard CPS 234 Information Security by independently assessing compliance./p>

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.