The Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee at a public hearing on Monday, 2 December 2019, as part of its review of the 2019 APRA Annual Report.
Chair, Mr Tim Wilson MP, noted that ‘APRA appeared at a public hearing in August this year; however, the committee determined that additional information and questioning was required to properly scrutinise APRA’.
‘The hearing will provide the committee with the opportunity to further 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.’
Mr Wilson said ‘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’.
Mr Wilson added ‘the 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.’