Prudential regulator eyes post-COVID rules

The prudential regulator is preparing to respond to the post-crisis environment as hundreds of thousands of small businesses come off JobKeeper and rent support.

"Each industry we oversee was able to withstand the events of the past year, while also playing a part in helping cushion the blow from weaker economic activity," chair of the Australian Prudential Regulation Authority Wayne Byres told a parliamentary committee on Monday.

Loan deferrals by banks and premium adjustments by insurers as companies collaborated, and early release payments by superannuation funds, were all on their radar.

Looking ahead, supervision priorities include financial system resilience, areas of superannuation underperformance, scrutiny of cyber security capabilities, the soon-to-be-finalised new remuneration standard, and reviewing risk culture.

The regulator said it was also on track to complete work "by the end of this year" on the 10 banking royal commission recommendations and the 12 enforcement referrals directed to APRA.

Austrlaian Associated PressBack to Breaking News

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