APRA’s proposed reforms to the Authorised Deposit-taking Institution (ADI) licensing framework represent a significant modernisation of the process for establishing a banking business in Australia.
The publication provides us with APRA’s most comprehensive view on systemic risk and geopolitical risk together to date. In this article we review APRA’s observations and consider implications for the risk functions of APRA- regulated entities.
The PFS team has been involved in numerous APRA and ASIC licencing projects including Banks (ADIs), Restricted ADIs (RADIs) and Insurers. PFS has firsthand experience of the challenges, APRA’s expectations and requirements, and how to manage what can be a complex and lengthy process.
PFS Consulting supports enhancing governance standards but believe additional clarity is needed on some specific elements of the proposals, and how they will be implemented and enforced. We also think it’s worth considering when to provide more prescription in certain areas. We’ve also raised several important additional matters which were not explicitly addressed in the proposal.
APRA has proposed measures to strengthen governance in financial institutions. Read the summary of the problem statements along with proposals
The Privacy and Other Legislation Amendment Act 2024 (the Amendment Act) was passed on 29 November 2024 and received Royal Assent on 10 December 2024,
Last week, the PFS Consulting team attended AI Con, hosted by the Actuaries Institute. The conference showcased the rapid evolution of AI and the need for industries to adapt to its transformative potential.
March was a busy month with the release of regulator rules, transitional rules and the release of a consultation package for RSE licensees and insurers.
