APRA to face parliamentary inquiry

by AB29 May 2014
The Australian Prudential Regulation Authority is to face a parliamentary inquiry on suspicion it is acting too aggressively.

The House of Representatives Standing Committee on Economics has established an inquiry that will require APRA top dogs to appear regularly before public hearings, to face similar scrutiny as officials at Reserve Bank and Australian Securities and Investment Commission.

APRA will face questions over whether it is moving too aggressively in implementing global capital rules, and whether it is getting the balance right between making the financial system stable, and over-regulating.

Claims that APRA was acting ahead of the world in implementing Basel III capital rules were also likely to be discussed, reported Sydney Morning Herald.

APRA has been making waves in the broker world this week, after announcing draft residential mortgage lending guidelines which discourage up-front commissions and propose that claw back policies be strengthened to include higher levels of delinquency and process failures.

MORE:

Associations come out swinging at APRA

APRA lender crack down could hit brokers

Home lending could hit $1.2 trillion

COMMENTS

  • by Tony 29/05/2014 9:05:56 AM

    That's one enquiry I would dearly like to attend. Would be interesting to see the APRA top dogs justify their policies and to ascertain on what basis, reasoning and argument, those policies were made?

  • by Country Broker 29/05/2014 9:21:36 AM

    That will be interesting hopefully the MFAA will be able to appear at the same inquiry . The assertions that APRA made this week need to be totally discredited , as sensationalism, and false assertions

  • by SIDBROKER 29/05/2014 10:53:37 AM

    The solution is simple. Delete APRA.