APRA has released the final package relating to the authorisation and prudential oversight of providers of First Home Saver Accounts (FHSAs).

The package comprises a prudential standard relating to superannuation licensees (known as RSE licensees), an authorisation form, a notification of intention to offer FHSAs form and a reporting standard. The standards will be effective from 1 October.

Life companies or ADIs that wish to provide FHSAs need to notify APRA of their intention to do so prior to providing, or offering to provide, a FHSA. APRA prudential standards that already apply to the operations of life companies and ADIs are adequate for the provision of FHSAs.

According to APRA Victoria Teachers Credit Union has already given notice of its intention to offer FHSA’s.