Despite being the focus of some criticism by parliamentarians and others relating to its handling of MTAA Super and other issues, the Australian Prudential Regulation Authority (APRA) has released a stakeholder survey which it says produced “an excellent result”.
The survey, commissioned by APRA and conducted by the company, Australian Survey Research (ASR) canvassed the views of 563 regulated entities and 150 “knowledgeable observers” and represented a follow-up on a similar survey conducted in 2009.
According to APRA-sponsored survey, of the 45 items rated in the survey, only two scored below neutral, translating into the regulator receiving 75 per cent positive responses.
“Overall this is an excellent result and further endorsement of APRA’s prudential framework and approach to supervision,” it said. “Regulated entities agree that APRA has had a positive impact on their industry.”
The regulator claimed the survey had revealed that its strengths were the impact of its framework and guidance material as well as its staff’s adherence to its values.
It said the areas that had scored lower included the cost impact of regulation, particularly for small entities, and harmonisation across regulators and across standards.
The survey analysis said that across the survey viewed had differed considerably between industry groups, but with no overall pattern to differences.
It said there were considerable differences between the scores given to APRA by the so-called “knowledgeable observers” and the entities it regulated, with the regulated entities likely to have scored APRA lower.
