What is a responsible person APRA?
Persons who are responsible for the management and oversight of an APRA-regulated entity need to have appropriate skills, experience and knowledge and act with honesty and integrity. These skills and qualities strengthen the protection afforded to depositors, policyholders and/or other stakeholders.
Who has prime responsibility to ensure that an institution’s responsible persons are fit and proper for an insurer within Australia?
Board of directors
The ultimate responsibility for ensuring the fitness and propriety of the responsible persons of an APRA-regulated institution rests with its Board of directors (or equivalent).
What are APRA prudential standards?
APRA’s prudential framework Prudential Standards: These set out APRA’s minimum requirements in relation to capital, governance and risk management (although in most cases APRA doesn’t specify exactly how those outcomes must be achieved). They are legally binding, and APRA-regulated entities must comply with them.
What is cps 520?
Prudential Standard CPS 520 Fit and Proper (CPS 520) sets out APRA’s requirements in relation to assessing the fitness and propriety of responsible persons of authorised deposit taking institutions, general insurers, life companies and private health insurers, collectively referred to as APRA-regulated institutions.
What is cps220?
CPS 220 requires an APRA-regulated institution to formulate, maintain and give effect to a risk management strategy that provides an overview of how the risk management framework addresses each material risk for the institution, with reference to the relevant policies, standards and procedures.
What is sps250?
November 2019. On 25 November 2019, APRA released for consultation its proposed revisions to SPS 250, which are aimed at improving superannuation member outcomes by helping trustees select the most appropriate policies for their members, and monitor their ongoing relationships with insurers.
Who regulates the financial services industry in Australia?
Regulators. Financial regulation in Australia is split mainly between the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA). The Australian Securities Exchange has also played a role in regulating market conduct.
What does financial compliance mean?
Financial compliance is the regulation and enforcement of the laws and rules in finance and the capital markets. It ranges through the entire financial spectrum, from investment banking practices to retail banking practices.
What is EFS APRA?
The Economic and Financial Statistics (EFS) collection – previously informally known as the Domestic Books collection – will be administered on behalf of the ABS and the RBA by APRA in its role as national statistical agency for the financial sector.
What is CPS APRA?
The Australian Prudential Regulation Authority (APRA) has recognised the threat as we enter the new digital age and defined and implemented a new Prudential Standard CPS 234 (CPS 234). The purpose of CPS 234 is to ensure that APRA-regulated entities have implemented sufficient information security protections.
What is CPS511?
Under the final CPS511: For the purposes of determining ADI SFIs, APRA has increased the quantitative asset threshold to $20 billion (up from $15 billion). APRA has flagged that it will revisit the appropriateness of quantitative thresholds periodically, including when the standard is reviewed in 2027.
What is aps113?
This Prudential Standard sets out the requirements that an authorised deposit-taking institution that has approval to use an internal ratings-based approach to credit risk must meet both at the time of initial implementation and on an ongoing basis for regulatory capital purposes.
Who is a responsible person according to Apra?
A Responsible Person is defined by APRA based on the responsibilities and activities of the role and is generally an individual who is “responsible for the management and oversight of a regulated institution/RSE Licensee’s business operations”.
When does APRA need to be notified by a regulated institution?
Additionally, APRA is required to be notified if a regulated institution assesses that an individual holding a Responsible Persons role is not Fit and Proper to do so, including explanations and an action plan if the person is to remain in the Responsible Person position until resolved.
What do you need to know about APRA re-screening?
APRA also requires re-screening of Responsible Persons annually. Regulated institutions are required to provide APRA with information on each Responsible Person, including: full name, date of birth, position and main responsibilities and a statement regarding whether the person has been assessed under the organisation’s Fit and Proper Policy.
What does APRA stand for in insurance category?
APRA means the Australian Prudential Regulation Authority. authorised banking NOHC has the meaning given to the expression authorised NOHC in section 5 of the Banking Act 1959. authorised insurance NOHC has the meaning given to the expression authorised NOHC in subsection 3 (1) of the Insurance Act 1973.