Australian regulators sign updated memorandum of understanding

Australian regulators sign updated memorandum of understanding | Insurance Business

Australian regulators sign updated memorandum of understanding

The Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC) have signed an updated Memorandum of Understanding (MoU) to bring the two agencies closer together.

The new MoU aims to strengthen the relationship between the two agencies further as they have worked together amid the COVID-19 pandemic on issues including resolution planning and authorisations on anti-competitive arrangements in the financial system.

ACCC Chair Rod Sims commented: “We’re pleased to continue building on our constructive relationship with APRA and have a strong appreciation for the complementary roles each agency plays in ensuring a competitive and stable financial services industry.

“This MoU will allow the ACCC and APRA to continue to share intelligence and insights and work closely together to achieve good outcomes for Australians, including ensuring the impacts of COVID-19 on the financial sector are managed in a pragmatic and sensible way.”

Read more: APRA focuses on increasing transparency in latest move

The updated MoU is available on the APRA website and has been written in more straightforward language to increase transparency.

“APRA and the ACCC have a strong working relationship founded on a common focus in supporting a safe, competitive, and efficient financial system,” said APRA chair Wayne Byres.

“Although APRA’s mandate requires our primary focus to be financial soundness and stability, we are also required to balance this with a range of other considerations, including competition. Updating this MoU reflects the importance of our relationship with the ACCC and acknowledges the importance of competition in maintaining a healthy and efficient financial system.”