APRA Prudential Standard APS 520 – Fit and Proper – Overview and Summary of Requirements

• By: Staff Editor
• Date: March 20, 2013

The Australian Prudential Regulatory Authority (APRA) Prudential Standard APS 520 Fit and Proper aims to:

• strengthen protection for depositors / policy- holders against risks involved in regulated institutions
• enhance the caliber of those charged with running APRA-regulated institutions
• establish a minimum benchmark for acceptable practice in the appointment of responsible persons /auditors

This article provides a brief overview of the regulatory requirements demanded by this standard.