New APRA rules flagged for financiers
The Australian Prudential Regulation Authority has issued new regulations defining what it takes to be a fit and proper top-level manager in financial institutions. APRA's new rules will target company directors, senior managers, auditors and actuaries in banks, credit unions, building societies and insurance companies. APRA will issue 22 qualitative criteria which range from professional experience to personal background both on an ongoing basis and prior to employment. Financiers are unenthusiastic about the new rules, saying they don't need an extra layer of regulation when they are coming to terms with changes under the Financial Services Reform Act. The criteria are not scheduled for release until 2005.