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Tax & Accounting25/03/2020 12:00:00 AM

APRA and ASIC to focus on COVID-19 challenges

Each of APRA and ASIC will redirect its resources to focus on facing challenges arising from the coronavirus/COVID-19 outbreak. 

APRA’s primary supervision focus will be on monitoring the impact of COVID-19 on the financial and operational capacity of regulated institutions. It has suspended all substantive public consultations and actions to finalise revisions to the prudential framework that are currently underway or upcoming. In particular, its supervision priorities outlined in January 2020 will be largely suspended until at least 30 September 2020, where they involve intensive engagement with regulated entities.

In coordination with the Council of Financial Regulators, ASIC will also focus its regulatory efforts on challenges created by the COVID-19 pandemic. Until at least 30 September 2020, the other matters that ASIC will afford priority are where there is the risk of significant consumer harm, serious breaches of the law, risks to market integrity and time-critical matters. It has immediately suspended several near-term activities which are not time-critical, including consultation, regulatory reports and reviews. Further, ASIC will work with financial institutions to accelerate the payment of outstanding remediation to customers.