The prudential and corporate watchdogs are consulting on measures to ease the regulatory burden on insurance, banking and superannuation entities.

The Australian Prudential Regulation Authority and Australian Securities and Investments Commission say the proposals will “streamline aspects” of the Financial Accountability Regime without lowering accountability standards.

They estimate the overhaul will reduce reporting for all accountable entities.

“Further, the changes to accountability maps will at least halve the number of updates entities need to make,” they say.

A new prudential standard, CPS 510 Governance, will be introduced under the changes and APRA is seeking feedback on it.

“It follows a discussion paper in March last year which set out priorities for reform, and a letter in October about how policy proposals have changed in response to feedback,” APRA says.

CPS 510 aims to deliver clearer accountability, stronger oversight and more efficient governance, and will remove duplicative “fit and proper” routine reporting of certain functions now Financial Accountability Regime reporting is in place, according to the regulator.

Submissions to the CPS 510 consultation must be received by August 28. Find details here.