APRA Unveils New Enforcement Approach

APRA have highlighted its plan to take a much tougher approach to enforcement and to use the full range of its formal powers to deter bad practices, in an announcement made following an internal “Enforcement Review” this week. APRA will take up all seven proposals put up by the review, which was set up after the Hayne royal commission questioned the regulator’s perceived reluctance to use its court-based sanction powers. The review informs how APRA will use its enforcement powers to prevent and address serious prudential risks, and to hold entities and individuals to account.