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Financial and Prudential Regulatory Insights – December 2023

Peter Edwards, Executive Director, Financial and Prudential Regulation

As the year comes to an end, it's a good time to reflect on what has been a sometimes challenging but exciting year of reform in aged care.

Throughout the year I had the pleasure of meeting many of you. I’ve really appreciated hearing your thoughts on the planned reforms. Your insights were invaluable. The National Aged Care Provider Conference in June particularly provided a great opportunity for me to meet providers in person. I would encourage any of you who can to join the next conference in April.

The pace and scale of these reforms is substantial and will continue in the new year with the new Aged Care Act planned for July. The new Act will include changes to financial and prudential regulations. Providers will need to develop a clear strategy to be able to navigate the new requirements.

If you haven’t already, it’s worth thinking about having a dedicated team or person within your organisation to take part in reform consultations. This makes sure your feedback is heard and also supports your organisation’s strategy to implement the changes.

Ongoing training will help your staff and governing body prepare to meet these changes. It also helps to reduce non-compliance because of misunderstandings about responsibilities. We will provide educational support in the coming months. This includes our National Conference in April which will focus on the reforms.

Being prepared and proactive will help you to be able to make the most of the benefits these reforms will deliver for older Australians.

Providers should focus on awareness, adaptability and communication. Is there a culture of open communication inside your organisation? Your staff should feel that they can identify and tell you about potential compliance risks. This will help employees to be alert and proactive while following new or changed obligations.

In the meantime, I wish you all an enjoyable festive period. I look forward to working with you all in the new year.

Until next time...

Peter Edwards

Executive Director, Compliance Management Group

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