APRA to appear before House Economics Committee

THE Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee at a public hearing on Friday, August 9,2019, as part of its review of the performance and operation of Australia’s banking, insurance and superannuation regulator.

Chair, Tim Wilson MP, said, "The hearing will provide the committee with the opportunity to question APRA on its performance and operation, and, in particular how it is implementing the recommendations of the Hayne Royal Commission and the APRA capability review."

"A common theme across the Royal Commission and capability review reports was that APRA is a strong regulator in the area of traditional financial risk, but that more work needs to be done to ensure APRA is prepared to respond to future challenges, particularly in relation to non-financial risk.

"Since the committee’s last hearing with APRA, the government has passed a comprehensive package of legislation that will help safeguard the retirement savings of millions of Australians by ensuring APRA can take effective action against underperformance and conduct that is contrary to members’ best interests," Mr Wilson said.

"T committee will scrutinise APRA on how it promotes financial stability through the prudential regulation and supervision of Authorised Deposit-taking Institutions, insurers and superannuation licensees, and other related issues."

Public hearing details

Date:  Friday, 9 August 2019
Time:  1.30pm to 4pm
Location: Main Committee Room, Parliament House, Canberra

The hearing will be broadcast live at aph.gov.au/live.

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