APRA has released the results of its 2011 Stakeholder Survey.

In respect of the lowest scoring comments on its supervisory activities the survey organisers concluded:

“In terms of differences, ADIs tend to be more negative about consistency in supervision while life insurers and friendly societies are more negative about APRA’s focus on principles rather than prescription. Friendly societies are also more negative about alignment with international best practice, probably because this is of less concern to them.”

Groups were not satisfied APRA has successfully harmonised its prudential framework.

Other low rating comments (that is they were not strongly agreed with) were:

• Changes to APRA’s prudential framework consider the costs of regulation
• Prudential standards and guidance material clearly communicate requirements
• APRA’s prudential standards are based on principles rather than detailed prescription.