APRA says it is on track to meet all of the timelines on each of the recommendations assigned to it.
The changes include:
- amendment of Prudential Standard APS 220 on security valuations;
- requirements for accountability under the BEAR for product management and customer remediation;
- amendment of Prudential Standard SPS 250 to strengthen requirements on superannuation trustees when selecting an insurer, especially when a potential insurer is a related party;
- amendment of Prudential Standard SPS 250 to require registrable superannuation entity (RSE) licensees to be satisfied that the rules by which a particular status is attributed to a member in connection with insurance are fair and reasonable;
- draft Prudential Standard CPS 511 Remuneration to give guidance in relation to sound remuneration principles and practices, including in relation to misconduct, compliance and other non-financial risks;
- APRA to publish a statement of an enhanced approach to the supervision of governance, culture, remuneration and accountability within regulated institutions’
- APRA and ASIC are progressing work on an updated MOU containing more formal arrangements for inter-agency coordination.
- APRA is developing for itself accountability statements of the kind required under BEAR.