Mackay Chapman October 2025 APRA Update
In this month’s APRA update:
- APRA Deputy Chair Margaret Cole to Leave
- Eric Insurance Market Exit Monitored Closely
- Response to Section 66 Banking Act Consultation
- APRA Publishes 2024-25 Annual Report
Keep reading for more information and key details.
APRA Deputy Chair Margaret Cole to Leave
APRA Deputy Chair Margaret Cole will step down at the end of her term on 30 June 2026.
APRA Chair John Lonsdale praised her contribution since 2021, highlighting her leadership in implementing the Your Future, Your Super reforms, enhancing supervision, and modernising enforcement and legal processes.
Cole brought extensive private and public sector experience, strengthening APRA’s approach to superannuation and the Financial Accountability Regime.
Deputy Chair Ms Cole said leaving was a difficult decision but expressed pride in her achievements and confidence that APRA is well-positioned for the future. The Treasurer will soon advertise for her replacement.
Eric Insurance Market Exit Monitored Closely
APRA is overseeing Eric Insurance Limited’s exit from the general insurance market.
Eric, a small insurer offering add-on motor vehicle products, ceased writing new policies in June 2024 after deciding to exit the market in July 2023.
Voluntary administrators will hold a creditors’ meeting on 16 September 2025 to vote on a deed of company arrangement (DOCA) as an alternative to liquidation.
APRA has maintained heightened supervision to protect policyholders’ interests and is closely monitoring the exit to ensure the best outcome.
Response to Section 66 Banking Act Consultation
APRA has published its response to a consultation on minor proposals for instruments under section 66 of the Banking Act 1959.
The proposals focused on section 66 exemption and determination instruments that are due to sunset later this year or that needed updating to reflect current practice.
APRA’s response includes a finalised instrument, a consultation response letter, and non-confidential submissions. The updates aim to ensure clarity and maintain alignment with current regulatory practices.
All documents are available on APRA’s website under Banking Act exemptions and section 66 guidelines.
APRA Publishes 2024-25 Annual Report
APRA has released its Annual Report for the 2024–25 financial year, providing a comprehensive overview of its activities, achievements, and financial performance.
The report highlights APRA’s work across banking, insurance, and superannuation regulation, including key supervisory and enforcement initiatives, policy developments, and progress on strategic priorities.
It also outlines APRA’s financial statements, governance arrangements, and accountability measures.
The full report is available on APRA’s website, with an accessible version to follow.
The contents of this article do not constitute legal advice, are not intended to be a substitute for legal advice, and should not be relied upon as such. They are designed and intended as general information in summary form, current at publication, for general informational purposes only. You should seek legal or other professional advice concerning any particular legal matters you or your organisation may have.
