APRA standard consolidation update

In December 2010, APRA released for consultation a set of consolidated behavioural standards applicable across the ADI, general insurance and life insurance industries. These standards are intended to replace the existing suite of industry-specific standards on fitness and propriety, governance, business continuity management and outsourcing. The consultation period closed on 25 March 2011. APRA now intends to release the final prudential standards by August 2011. The final standards will be substantially the same as the versions released for consultation, consistent with the relatively limited feedback from the consultation process. Draft consolidated prudential practice guides will be released for consultation later in 2011. A transition period will be allowed for entities to comply with the revised prudential standards. The standards will be effective from 1 July 2012.

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