What APRA expects
Australian superannuation funds and other financial institutions now have a clear picture of what they can expect from the Australian Prudential Regulation Authority (APRA), with the regulator having published a service charter.
But if organisations regulated by APRA thought that the service charter would be just a set of meaningless principles they will be sorely disappointed, because at the same time as outlining what it intends to do in dealing with the institutions, the service charter outlines APRA’s expectations of those it regulates.
In the section dealing with how it will deal with institutions, the charter states: “When you deal with us you can expect our staff to demonstrate our values of integrity, collaboration, professionalism, foresight and accountability.”
However, it also states: “We expect your board and senior management to be primarily responsible for your financial soundness and be aware of the legislation and prudential requirements you need to meet. We also expect you to be honest, professional and courteous in your dealings with us and our staff.”
The charter states that APRA also expects the organisations it regulates to provide it with timely and accurate information.
AUTHOR
Mike Taylor
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