The Australian Prudential Regulation Authority (APRA) has released the final authorisation and prudential oversight package for the providers of First Home Saver Accounts (FHSAs).
The package comprises a prudential standard relating to registrable superannuation entity (RSE) licensees, an authorisation form, a notification of intention to offer FHSAs form and a reporting standard.
The standard will be effective from October 1, this year.
The reporting standard collects prudentially relevant information on FHSAs and applies to RSE licensees, life companies and authorised deposit-taking institutions (ADIs), APRA deputy chairman Ross Jones said.
"The application for authorisation form requires RSE licensees to demonstrate that risks arising from this new trust for FHSA business are properly considered and addressed," he said.
The First Home Saver Accounts Act 2008 allows for public offer and extended public offer RSE licensees, life companies and ADIs to provide FHSAs from October 1, 2008.
