Original article by Ben Butler, Joyce Moullakis
The Australian – Page: 17 & 21 : 12-Feb-19
The Australian Prudential Regulation Authority has stated that it will implement nine of the 10 banking royal commission recommendations concerning it by 2020. However, APRA has not given a timeframe on when it will implement the recommendation to change its prudential focus to concentrate on misconduct. APRA has also stated that an increase in its budget, currently at around $140 million a year, might be needed to implement this recommendation.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BAKER AND McKENZIE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA