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APRA consults on banks’ factors of presence knowledge

The Australian Prudential Regulation Authority is encouraging all events, together with client and neighborhood teams, to offer suggestions on its factors of presence knowledge to assist APRA enhance its knowledge assortment and guarantee it stays helpful and related.

The factors of presence knowledge is the information the prudential regulator collects and publishes on bodily banking service channels in Australia. An in depth itemizing of the variety of financial institution branches in addition to different bodily banking factors of presence is revealed yearly.

The general public session was launched to tell APRA on how the information assortment and publication will be made extra useful to customers, inspecting points corresponding to classes of information revealed and banking providers lined. 

The evaluate of APRA’s knowledge assortment and publication was made in response to a suggestion of the Regional Banking Taskforce’s ultimate report on the affect of financial institution department closures in regional and distant Australia. It was proposed that the regulator evaluate its factors of presence assortment to raised seize indicators of how banking providers are accessed, together with by digital channels.  

APRA’s evaluate will probably be undertaken concurrently with the Senate Standing Committee on Rural and Regional Affairs and Transport inquiry into financial institution closures in regional Australia.

“APRA is acutely aware of the affect of financial institution department closures on customers and companies, significantly these in regional and distant communities,” mentioned Therese McCarthy Hockey (pictured above), APRA member. “APRA’s knowledge exhibits that over the 5 years to June 2022, branches have declined by 30% in main cities, and 29% in regional and distant areas.  

“Whereas the choice to shut a department is a industrial matter for particular person banks and never one thing APRA regulates, our factors of presence knowledge assortment performs an vital function in making certain correct transparency across the availability of banking providers throughout Australia.”

To entry extra details about APRA’s session, together with find out how to make a submission, click on right here.

Topic to curiosity, APRA additionally proposed to host on-line boards about how the factors of presence knowledge assortment will be improved. Native governments or different neighborhood teams who want to take part can e-mail APRA at pointsofpr[email protected]

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