GRCStandard

CPS 520

Prudential Standard CPS 520 Fit and Proper

The Prudential Standard CPS 520 sets out the requirements for assessing the fitness and propriety of responsible persons in APRA-regulated institutions, including banks, insurers, and private health insurers. It ensures that key positions are held by individuals who meet high standards of integrity and competence.

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Overview

Prudential Standard CPS 520, issued by the Australian Prudential Regulation Authority (APRA), outlines requirements for assessing the suitability of individuals holding key responsible positions in authorised deposit-taking institutions, general insurers, life companies, and private health insurers. The standard ensures that these individuals demonstrate the requisite capabilities, integrity, fitness, and propriety for their roles. The standard applies to positions such as CEOs, directors, senior managers, Appointed Actuaries, and Appointed Auditors. It is aimed at fostering prudent management and oversight in APRA-regulated institutions. Supporting guidance (e.g., HPG 520) assists institutions in compliance and outlines prudent practices.

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