Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has welcomed the passage of the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 which reforms review mechanisms for administrative decisions made by the Australian Prudential Regulation Authority (APRA).
"The Government is committed to ensuring a robust and stable economy for Australia. A transparent, efficient and consistent prudential system is a key part of this."
"When APRA makes important decisions about the Australian financial system it should do so in a way that is transparent, efficient and consistent. This is critical for confidence in the system," said Minister Sherry.
The passage of this legislation will simplify the regulation of the sector and ensure that APRA is able to act decisively to address risks in the financial system.
The Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 includes measures to:
- Introduce a court-based process for the disqualification of an individual under legislation administered by APRA;
- Streamline APRA's directions powers;
- Remove the need for ministerial consent from certain matters, and
- Expand the availability of merits review for certain decisions.