APRA is the Australian Prudential Regulation Authority. It is a statutory authority and the prudential regulator of the financial services industry in Australia. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. The authority was established in July 1998 and is funded mostly by the industries that it supervises. It currently supervises institutions holding approximately $3.6 trillion in assets for 22 million Australian depositors, policyholders and superannuation fund members. APRA’s mission is to “establish and enforce prudential standards and practices designed to ensure that, under all reasonable circumstances, financial promises made by institutions we supervise are met within a stable, efficient and competitive financial system.” They also act as the national statistical agency for the Australian financial sector and play a role in preserving the integrity of Australia’s retirement incomes policy.
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