Regulators look to next stage of recovery
Sarah Kendell
24 December 2020
ASIC and APRA will enter 2021 with a firm focus on supporting financial players through “the next stage of recovery” from the pandemic as new legislation mandates closer collaboration between the two regulators in the new year.
In an update released last week, the regulators said COVID-19 had “amplified the need for alignment” when it came to solving common problems in the financial system, such as the response to loan repayment deferrals facilitated by APRA and ASIC at the beginning of the crisis.
“Both agencies worked together with the banking industry on measures to help customers faced with loan repayment difficulties because of the pandemic,” a statement from ASIC and APRA said.