APRA has announced it will resume issuing new banking licences in September, after having instituted a temporary pause on doing so in April of this year.
The suspension was introduced not only to ensure APRA could dedicate more of its efforts to looking out for consumers, but because past experience has shown new market entrants struggle to succeed under normal economic conditions, let alone during the COVID-19 environment.
“In January this year, APRA published an ambitious policy agenda. The onset of COVID-19 necessitated the suspension of many of APRA’s policy and supervision priorities until end-September,” explained APRA Chair Wayne Byres.
“This enabled regulated entities to allocate time and resources to manage their own operational challenges in response to the crisis, as well as supporting their customers through this period of significant economic uncertainty. It also allowed APRA to redeploy its resources to monitoring and responding to the impact of the rapidly changing environment.”
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