Wayne Byres will serve a further five year term as chair of APRA,
the Financial Review reports. First appointed for a five-year term from July 2014, the government, on the AFR's analysis, is signalling its support for a financial regulator under fire from the financial services royal commission.
In his
interim report of the financial services royal commission, Kenneth Hayne found that when it came to enforcement of the law involving matters of non-compliance or misconduct, APRA never went to court.
"When misconduct was revealed, it either went unpunished or the consequences did not meet the seriousness of what had been done," Hayne said.
In its submission in response, released last week, APRA defended its regulatory record.APRA explained to Hayne that it "largely focused its response to matters that relate to prudential risks and on issues that may have a material impact on the regulated entity concerned.
"APRA's response to misconduct has focused on strengthening the governance and practices of regulated entities, and taking action to protect the interests of beneficiaries."