The Australian Prudential Regulation Authority (APRA) has published its supervision and policy priorities for the first six months of 2024.

APRA’s regulatory agenda covers the banking, superannuation and insurance sectors, as well as major cross-industry issues including cyber security, operational resilience, climate risk and governance.

Importantly APRA plans to finalise the CPS 230 prudential practice guide (CPG 230) in the first half of 2024, to support entities in transitioning to the new requirements. CPG 230 will include guidance to support implementation for smaller, less complex entities.

APRA says it plans to focus on:

• operational and cyber resilience for all regulated entities, reflecting the growing reliance on digital technologies by entities and the community;
• embedding lessons from last year’s global banking turmoil through targeted changes to the prudential framework for authorised deposit-taking institutions;
• lifting superannuation trustees’ practices on retirement incomes, implementing recommendations from the Financial Regulator Assessment Authority (FRAA) review, enhancing transparency and aligning APRA’s heatmaps with the performance test; and
• across insurance, continuing to balance financial sustainability with the need to enhance affordability and availability.

A high-level timeline of key initiatives over the next six months is shown in this graphic.

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