APRA regulates over 2000 entities in the financial services industry. Chairman Wayne Byers spoke at FINSIA’s The Regulator’s Event on 13/5/22 – outlining where APRA’s focus will be in the near term.
In Banking – the impact of the two major shifts facing the industry: digital disruption, and the emergence of higher inflation and rising interest rates – will heighten the focus on the resilience of the banking system.
In Insurance – the common theme that increasingly pervades all three sectors of the industry – general insurance, life insurance and health insurance – is the (un)affordability and (un)availability of insurance. APRA’s focus will be to avert an outcome that sees premiums that become unaffordable, cover that is poor value, or even products that are simply not available.
In Superannuation – the focus will be to drive out sub-standard products and practices,
In Modernising the prudential architecture, around 150 prudential standards and practice guides are due for an overhaul as well as transforming the approach to collecting financial data from the over-2000 entities APRA regulates.
The transcript of the speech can be accessed here.
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