Regulatory AlertsCPS 520 Fit and Proper
The Australian Prudential Regulation Authority issued Prudential Standard CPS 520 to require regulated institutions to ensure individuals in positions of responsibility are fit and proper. Institutions must maintain a Board-approved Fit and Proper Policy and conduct annual assessments of responsible persons to manage risks to their financial standing. The standard mandates specific criteria for competence and integrity, including additional requirements for auditors and actuaries, while applying to all authorized deposit-taking institutions, insurers, and private health insurers.
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