APRA Strengthening crisis preparedness
ARITA has made a submission in relation to APRA’s draft prudential standards, CPS 190 Financial Contingency Planning and CPS 900 Resolution Planning, supporting APRA’s proactive steps to ensure that the superannuation, banking and insurance industries are prepared, protected and do not rely on public funds in the event of financial distress.
The submission highlights that the value of ARITA members in both the contingency and resolution planning stages should not be overlooked, noting that ARITA members are experts in the area of financial distress, including assisting entities resolve financial distress and reviving entities without the need for their failure.
We recommend to APRA that consideration be given to prescribing that only appropriately qualified and insured advisors are engaged by APRA-regulated entities in implementing the requirements of the proposed prudential standards.
APRA: Strengthening crisis preparedness
Read ARITA's submission