The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that supervises institutions across banking, insurance and superannuation and promotes financial system stability in Australia
Prudential regulation is concerned with maintaining the safety and soundness of financial institutions, such that the community can have confidence that they will meet their financial commitments under all reasonable circumstances.
APRA promotes financial system stability by working closely with the Australian Treasury, the Reserve Bank of Australia (RBA), and the Australian Securities and Investments Commission (ASIC) and oversees:
- authorised deposit-taking institutions (such as banks, building societies and credit unions)
- general insurers
- life insurers
- friendly societies
- private health insurers
- reinsurance companies, and
- superannuation funds (other than self-managed funds).
Under the legislation that APRA administers, APRA is tasked with protecting the interests of depositors, policyholders and superannuation fund members.
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