Australia Bank Regulator Faces Overhaul After Damning Review
- APRA has ‘culture of conformity,’ is slow to act, review finds
- Regulator should create department to monitor pension firms
Commercial and residential buildings stand in the central business district in Sydney, Australia.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Australia’s banking regulator is set for a major overhaul after a government-commissioned review found it had a “culture of conformity” and needed to become more forceful.
In a scathing 146-page report released Wednesday, the Australian Prudential Regulation Authority was found to be slow to act, tentative in addressing issues that don’t entail traditional financial risks, and have a strong preference to work “behind the scenes” with the firms it oversees.