Sherry welcomes APRA changes
Nick Sherry
The Federal Government has passed the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008, which reforms review mechanisms for decisions made by the Australian Prudential Regulation Authority (APRA).
Senator Nick Sherry released a statement that said the legislation would simplify the regulation of the financial services sector and ensure APRA is able to address risks in the system.
Sherry’s statement said the Act includes measures to introduce a court-based process for the disqualification of an individual under legislation administered by APRA, streamline APRA’s directions powers, remove the need for ministerial consent from certain matters and expand the availability of merits review for certain decisions.
“When APRA makes important decisions about the Australian financial system it should do so in a way that is transparent, efficient and consistent. This is critical for confidence in the system,” Sherry said.
The changes would help ensure the Australian economy is transparent and efficient, Sherry said.
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