What is the APRA disqualifications register?
The APRA disqualifications registrer is a list of individuals who have been disqualified by APRA from holding a 'responsible person' role within the industries that APRA regulates (financial industries & institutions)
As part of APRA responsiblities in regulating financial service industries, APRA keeps a register of individuals who have been disqualified from holding positions of responsibility within the financial industries they regulate. Specifically, these disqualifications fall under four pieces of legislation, which related to four specific industries which APRA regulates. The Banking Act, for the banking (deposit taking) industry. The Insurance Act, for general insurance industries. The Life Insurance Act, for life insurance industries. The Superannuation Industry (Supervision) Act, for superannuation funds, including self managed super funds (SMSF).
In addition to those individuals who have been specifically disqualified by APRA, individuals may become automatically disqualified without APRA's involvement. These individuals will not appear on APRA's disqualification registrar, but are none the less, disqualified from holding a responsible person role within the financial services industry. Anyone convicted of an offence involving dishonest conduct (such as fraud or deceptive conduct) or is under the terms of bankruptcy is automatically disqualified from holding a responsible persons role in the financial services industry.
Source:APRA Disqualifications Register
What does APRA stand for?
APRA stands for Australian Prudential Regulation Authority.
APRA is an Australian regulatory authority which aims to supervise financial services industries and institutions under it's 'predential' standards. Colloquially prudential stands 'good judgement' or 'commonsense', and thus APRA aims to regulate these industries to encourage stable financial system within Australia. APRA overseen by the Australian Parliament, and therefore it can be held accountable for it's policies by politicians, and in theory (as representatives of the population), the people themselves.
In regulating financial institutions APRA works closely with other institutions such as the Reserve Bank of Australia, the Australian Treasury and the Australian Securities and Investments Commission (ASIC).
What industries does APRA regulate?
APRA is most known for supervising instituations within the superannuation, banking and insurance industries.
But the list of organisations that fall under APRA's supervision is much larger. APRA holds authority over institutions that are authorised to take deposits (for example a bank, credit union, building society or online only bank). They oversee institutions that provide insurance including life insurance, general insurance, home & contents insurance, car insurance, business insurance, professional insurance, private health insurance and many more. They also oversee long term savings scheme's such superannuation funds, self managed superannuation funds (SMSF), pension funds and other forms of retirement planning / funding.