Founded on July 1st 1998, Australian Prudential Regulation Authority (APRA) is the body who regulates and monitors the services of the financial institutes operating in Australia.
The financial institutes supervised by APRA are, but not limited to, the following:
General insurance and reinsurance companies
Life insurance companies
Private health insurance companies
Majority of the superannuation funds
By accessing the private and confidential information of financial services entities, APRA is in charge of providing Australian financial sector statistics. In addition, ensuring the integrity of Australian policies for retirement income is the responsibility in which APRA participates.
Significance of APRA:
Since the companies and industries who are supervised by APRA finance the costs of it, the importance of APRA can be clearly figured out by having in mind the amount of assets that this organization is monitoring.
According to statistics, just below $6 trillion of Australian assets belonging to Australian entities dealing with financial sector companies was overseen by APRA, as at 30 June 2016.
APRA Core Values:
APRA values the following to maintain the highest standards of its operation and duties.
Integrity: Being Responsible for the statements, maintaining balance in using power and authority and without personal bias, and taking all necessary steps to keep all information confidential
Collaboration: Welcoming others views while cooperating and consulting with others in the routine decision making processes
Professionalism: Delivering high quality services and supervision through in-depth practical and cost-benefit analysis to achieve the required favorable results on a timely manner
Foresight: By acquiring new skills, forecasting and foreseeing the forthcoming future of financial sector industry and taking necessary measures to prevent threats and shortcomings
Accountability: Endeavoring to find the right solutions for the challenges, answering the actions and decisions taken by APRA, and being open to investigations from independent bodies
Results Driven from Values:
By implementing the core values, boards of directors and managers of financial institutes operating in Australia are held accountable to the APRA world class standards. Consequently, the entities supervised are obliged to act at the benefit and wellbeing of Australian depositors and financial service users.