Regulation

The prudential regulator has announced that its “enforcement strategy and infrastructure” will be reviewed by its recently appointed second deputy chair.

What was supposed to be an exercise in reviewing lending standards has “quickly become a course in economic destruction”, according to property market research firm Propertyology.

The prudential regulator is seeking to raise ADI capital requirements to enhance the financial system’s ability to cope with disruption.

Information security at APRA-regulated entities are “ultimately” the responsibility of boards, according to the final infosec standard issued by the prudential regulator.

The government has committed $58.7 million to “strengthen” APRA’s enforcement powers after the regulator was criticised by the royal commission.

The prudential regulator has tentatively backed the use of benchmarks in mortgage assessments in its response to the royal commission’s interim report.

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APRA’s chairman has said that the financial system in Australia is fundamentally sound, but he was willing to work on improvements.

The prudential regulator has informed banks that measures underpinning the Banking Executive Accountability Regime may be “enhanced” and “built on” over time.

The Australian government has passed legislation designed to provide ASIC and the ACCC with new investigative powers to assess contract terms.