ACCC has now turned to 'meta regulation', direct regulation and basically challanging any firm which breaks the market laws is very very expensive, and inefficient.
Agency overview and resources 1. This is achieved by: Prudential regulation can not and should not seek to guarantee a zero failure rate of prudentially regulated institutions or provide absolute protection for market participants including consumers.
Rather, the objective of the prudential regulation regime is to maintain a low incidence of failure of regulated institutions while not impeding continued improvement in efficiency or hindering competition. However, episodes of market instability have recurred, due to sovereign debt concerns, geo-political tensions and natural disasters.
The Australian financial system has continued to perform well, underpinned by solid growth in the Australian economy; however, the household sector and many parts of the business sector remain cautious.
APRA has maintained its heightened level of supervisory intensity as regulated institutions re-adjust their ambitions and risk appetite to the post-crisis environment; it has also pursued a substantial prudential policy agenda.
Its supervisory oversight will focus, in particular, on how regulated institutions adapt to what may be a period of only modest growth in business volumes.
The table summarises how resources will be applied by outcome and by administered and departmental classification.
Receipts received under section 31 of the Financial Management and Accountability Act Estimated opening balance for special accounts for further detail on special accounts see Table 3.
Australian Prudential Regulation Authority Budget measures Prepared on a government finance statistics fiscal basis. Outcomes and planned performance 2. Commonwealth programs are the primary vehicle by which government agencies achieve the intended results of their outcome statements.
Agencies are required to identify the programs which contribute to Government outcomes over the budget and forward years. Outcome expense statement Table 2.
Budgeted expenses for Outcome 1 Contributions to Outcome 1 Program 1. Program expenses Program expenses are currently estimated to peak in as APRA maintains its more intensive supervisory and policy development activities.
The forward estimates are reducing after due to the end of funding associated with the global financial crisis. Program expenses APRA has the following program deliverables: Program key performance indicators APRA has the following key performance indicators: It explains how budget plans are incorporated into the financial statements and provides further details of the reconciliation between appropriations and program expenses, movements in administered funds, special accounts and government Indigenous expenditure.
Estimates of special account cash flows and balances 3.The role of the Australian Prudential Regulation Authority (APRA) is developing and enforcing a robust prudential framework of legislation, prudential standards and prudential guidance that promotes prudent behaviour by authorised deposit-taking institutions (ADIs), insurance companies.
Essay about Role of Apra Words Aug 25th, 5 Pages APRA was established following the Wallis Committee’s recommendation in 1 July under Australian Prudential Regulation Authority Act.
APRA Chairman Wayne Byres' speech on professionalism in financial services. APRA Chairman Wayne Byres' speech "Good banking, by good bankers" is an important call to financial services professionals to heed the lessons of the Royal Commission and improve the professionalism in the industry.
Emerging role for APRA as a conduct regulator? By Kerensa Sneyd Professionalism in financial services was the topic addressed last Thursday 11 October by a . APRA's policy is to publish all submissions on the APRA website unless a respondent expressly informs APRA in writing that all or part of the submission is to remain in confidence.
Automatically generated confidentiality statements in . The role of the Australian Prudential Regulation Authority (APRA) is regulation that promotes prudent behaviour by banks, insurance companies, superannuation funds and other financial institutions with the key aim of protecting the interests of their depositors, policy holders and fund members.