APRA

APRA has entered the final phase of its governance reform, releasing a unified CPS 510 standard that replaces five prudential standards and raises the bar for board independence, conflicts management, and fit and proper obligations. With a 2028 effective date and consultation closing August 2026, banks, insurers, and super funds need to start their gap analysis now.

APRA has flagged a need for a step-change in AI-related risk management and governance across banks, insurers and superannuation trustees, indicating a sharper prudential focus on emerging technology risk.

The Financial Accountability Regime (FAR) represents a transformative step forward, impacting APRA-regulated entities within banking, insurance, and superannuation sectors, as well as their directors and top executives.

Introduction Today marks a momentous occasion in the world of financial services as the Prudential Regulator APRA releases the final version of CPS230. This milestone...