Regulatory Scope
APRA oversees banks, credit unions, building societies, friendly societies, general insurance and reinsurance companies, life insurance and most members of the superannuation industry. It was established on 1 July 1998. APRA is funded largely by the industries that it supervises. APRA currently supervises institutions holding A$4 trillion in assets for almost 23 million Australian depositors, policyholders and superannuation fund members.
It regulates banks, general and life insurance companies, superannuation funds, credit unions, building societies and friendly societies to ensure that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders.
Read more about this topic: Australian Prudential Regulation Authority
Famous quotes containing the word scope:
“For it is not the bare words but the scope of the writer that gives the true light, by which any writing is to be interpreted; and they that insist upon single texts, without considering the main design, can derive no thing from them clearly.”
—Thomas Hobbes (1579–1688)