Original article by Richard Gluyas
The Australian – Page: 21 : 14-Feb-19
Australian Prudential Regulation Authority chairman Wayne Byres has defended its track record for overseeing the financial services sector, after APRA was criticised by the Hayne royal commission. Byres acknowledges that APRA must be more active in regulating the financial services sector, but he notes the challenges involved. He points out that APRA has a workforce of just 600 to supervise nearly 600 financial services providers, and only about half of its employees have a frontline role.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION