Welcome to the latest issue of our Banking Sector Newsletter.
The Australian Prudential Regulation Authority (APRA) has launched two separate consultations to improve transparency and market discipline within the financial system. One consultation will focus on proposed new remuneration disclosure and reporting requirements for all banks, insurers and superannuation funds regulated by APRA, while the other focuses on APRA’s proposals to update bank prudential disclosures to align with international standards and the new bank capital framework.
The Assistant Treasurer and Minister for Financial Services, Stephen Jones MP (member for Whitlam), has confirmed that the federal government will not be moving to repeal responsible lending laws. The Assistant Treasurer told delegates that the Labor Party had welcomed the fact that commissioner Kenneth Hayne had recommended (in his final report for the banking royal commission) that the National Credit Act should not be amended to alter the obligation to assess unsuitability.View PDF