Global Regulation Tomorrow

On 16 June 2026, the Australian Prudential Regulation Authority (APRA) issued a consultation paper setting out updated requirements designed to strengthen governance across banking, superannuation and insurance.

APRA’s governance review commenced with the release of a discussion paper in March 2025. In October 2025, APRA provided an update on key policy positions. This consultation paper accompanies APRA’s new draft governance standard CPS 510 – Governanceand amendments to CPS 001 – Defined terms and explains how the review has taken feedback from industry and governance practitioners into account.

In relation to the new draft CPS 510, APRA is seeking to minimise requirements although the way an entity meets them should be proportionate to its size, complexity, risk profile and structure. In some areas, such as board performance assessments and committee requirements, the standard sets a higher bar for significant financial institutions.

APRA also seeks to reduce the overlap between fit and proper requirements and the Financial Accountability Regime. APRA proposes to narrow the cohort of responsible persons and removing routine fit and proper reporting requirements for remaining responsible persons. APRA believes that the changes to reporting requirements would mean that forms are no longer required to be submitted for 6,000 individuals.

As part of its consultation, APRA seeks feedback on:

• The new consolidated draft CPS 510.
• Related definitional changes to CPS 001, which includes definitions for superannuation for the first time.
• The implications of removing routine reporting for its fit and proper regime (reporting forms SRS 520.0 Responsible Persons Information and CRF 520 Responsible Persons under CPS 520 – Fit and Proper).

Next steps

The deadline for comments on the consultation paper is 28 August 2026.

The final standard and related guidance is planned for release in late 2026.

APRA expects new requirements to be in effect from early 2028.