In August last year, APRA established the Prudential Inquiry to examine the frameworks and practices in relation to the governance, culture and accountability within the CBA group, in light of a number of incidents which damaged the reputation and public standing of CBA. The panel was subsequently appointed in September and the Inquiry began work in October.
This progress report provides an update on the status of the Inquiry and outlines the methodology that the panel has adopted to address the Terms of Reference.
The panel notes in its report that: 'issues of governance, culture and accountability in a large financial institution are complex and interwoven, and the Panel does not consider it appropriate to draw conclusions, even preliminary ones, before this work is completed and all relevant evidence collected and carefully evaluated. Accordingly, the panel will reserve its substantive findings and recommendations for inclusion in the final report, which will be provided to APRA by 30 April 2018.'