In a move to clear up uncertainty over its position as a financial services regulator, the Australian Prudential Regulation Authority (APRA) has released a new service charter.
The APRA Service Charter has been released as part of APRA's on-going commitment to stakeholders to increase transparency and accountability.
"APRA deals mostly with the financial institutions that we supervise, but we do handle enquiries from members of the public and we approve early release of superannuation benefits on compassionate grounds," APRA Chairman John Laker said.
"The charter explains what our stakeholders can expect from us and clarifies the key rights and responsibilities of APRA and our regulated institutions."
APRA finalised the charter following consultation with industry, consumer groups and government.
The charter was a recommendation of the Banks report from the Taskforce on Reducing Regulatory Burden on Business; endorsed by the government in its Statement of Expectations for APRA.
