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Blowtorch on APRA reveals culture needs to change

3 40 0
17.07.2019

It doesn’t get much clearer than this: "APRA’s internal culture and regulatory approach need to change."

A report into the country’s banking and finance regulator the Australian Prudential Regulation Authority (APRA) was commissioned in February by Treasurer Josh Frydenberg after it was hammered in the banking royal commission over its woeful enforcement track record and a regulatory approach that was too collaborative and opaque.

Former ACCC chairman Graeme Samuel chairs a panel assessing APRA's abilities.Credit:Dominic Lorrimer

Put simply, APRA was outed by Commissioner Kenneth Hayne as a 'see no evil, hear no evil, speak no evil' regulator.

To this end Treasurer Frydenberg appointed Graeme Samuel to chair a panel that would undertake a forward-looking assessment of APRA’s ability to respond to "an environment of growing complexity and emerging risks for APRA’s regulated sectors".

Samuel and his report was never going to gild the lily. The report’s 24 recommendations call for changes to APRA’s organisational structure, beefed up powers to ban directors and executives of regulated entities........

© The Age